Hisham Ezz Al-Arab: Flexible currency helps Egypt absorb external shocks

Flexible currency makes it easier for a country to absorb external shocks, said Egyptian veteran banker Hisham Ezz Al-Arab on Saturday.

Speaking to local TV channel ONTV, Ezz Al-Arab explained that If Egypt had adopted a flexible exchange rate it would have helped lessen the $22 billion in outflows the country saw earlier this year.

The Egyptian economy will stabilise as soon as its backlogged ports start clearing up, he added “Clearing up the ports won’t be as expensive as people believe because many importers no longer want their products and will decide to auction it off rather than going through the hassle of releasing them from the ports, he added.”