Decline Of Egyptian Pound Vs. USD Transient – Spokesman

Egyptian Presidential Spokesman Dr. Yasser Ali said Tuesday the decline of the EGP versus the USD, though complicated, was a transient problem.

“The Central Bank of Egypt (CBE) has put in place urgent measures and kept watchful eye on the monetary market after some people aroused panic over the entire banking system of the country,” he said Dr. Ali made the press remarks after the USD hit EGP 6.24, a record high in several years.

“The government and the presidential office have developed clear-cut programs to stabilize the monetary market in the light of the instructions of President Dr. Mohammad Morsi but these things need time to bear fruit,” the spokesman explained.

Dealing with the economic indicators in his address to the Shura Council (the upper house of parliament which acts as caretaker parliament) three days ago, President Morsi said the economy improved between last July and November despite the political instability.

“Although the progress during this period was below our expectations, it was the best possible achievement under the real mess,” the spokesman argued.

“It’s definitely undeniable that there are problems in the Egyptian economy; they aren’t recently discovered. All of us know that the budget deficit swelled to over EGP 140 billion,” he added.

The spokesman affirmed that these problems are accumulated over long decades and that the economy needs restructuring and overhaul.

Kuwait News Agency (KUNA)