Liberalising exchange rate to encourage investments in Egypt: FEI’s El-Sewedy

The announcement of Egypt’s Central Bank to liberalise exchange rate would encourage investments in Egypt and participate in providing dollar through official banks within the coming few days.

Speaking to Amwal Al Ghad Thursday, Mohamed El-Sewedy -Chairperson of Federation of Egyptian industries (FEI)- welcomed CBE decision to float Egyptian pound against dollar at rate of 13 Egyptian pounds.

He clarified that this step would lower industrial products cost, guarantee production process to continue, and stabilise prices of goods and industrial products.

The FEI is set to request for an urgent meeting with officials at the CBE to discuss all steps following the floating decision, the chairperson said.

El-Sewedy added that CBE’s decision would participate in reducing demand on foreign currencies. Accordingly, devaluing pound against the US dollar would merge industry into small-sized projects, implement economic reform, boost direct and indirect investments, and demolish black markets in Egypt.