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Is Egypt devaluing its currency anytime soon?

Speculations have gone viral about the possibility of Egypt devaluing its own currency, despite Egyptian President Abdel Fattah al-Sisi asserting during the latest youth conference in Alexandria weeks ago that the state will not take decisions related to the exchange rate that would negatively affect citizens.

A researcher at the Egyptian Center for Strategic Studies, Mohamed Shady, wrote on his official Facebook page, “If you expect devaluation today in the Egyptian pound, I do not think it will happen, although I assure you that this is the right decision economically.”

“The administration is biased towards the social aspect of the decision, and I believe it is in a direction to keep the price in the current range approximately at LE 29 to LE 34 per dollar, at least until the end of the first half of the new fiscal year, meaning in January.”

Shady explained, “The administration is taking the direction that it bears the difference in the exchange rate, and is able at the present time to do this, and every day its ability to bear this increases in light of the global economy conditions that are shifting in favor of the Egyptian economy.”

He added that after the stability of the dollar exchange rates, people should fall for rumors spread by those seeking to disturb the peace of Egyptians, especially during their celebrations of Eid al-Adha and the July 30 revolution.


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