Floating pound is a ‘late’ good step towards reform- Egypt’s FEDCOC
The decision of Egypt’s Central bank to float pound against US dollar is a good step towards reform but it came ‘late’, Head of trade federation announced Thursday.
Speaking to Amwal Al Ghad, Chairman of Federation of Egyptian Chambers of Commerce (FEDCOC), Ahmed El-Wakeel stated that floating the pound would achieve balance in commodities prices, thus, lowering prices within the coming period.
He pointed out that exchange rate would be determined according to supply and demand mechanism.
The dollar price in black market sagged with more than 30 percent, i.e. from 18 pounds to 12 pounds, two days after the FEDCOC launched his initiative to boycott black markets for two weeks, the official stated.
El-Wakeel urged citizens all over Egypt to postpone buying unnecessary, consuming, and durable commodities for three months.
