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US dollar exchange rate to stabilize in six months: MP

The Chairman of the Plan and Budget Committee in the Egyptian House of Representatives and former expert at the IMF, Fakhry al-Fiqi, on Sunday said that he predicts that the US dollar exchange rate in the parallel market will decrease following the Ras al-Hikma deal.

During a phone-in with al-Hadath al-Youm TV channel, Fiqi said that the equilibrium price of the US dollar during the next six months, in light of the hoped-for availability of Ras al-Hikma project and the conclusion of the agreement with the IMF, could be in the range of LE45.

Unifying the exchange rate will be of the utmost importance, he stressed, indicating that determining the equilibrium price of the currency is linked to the surrounding conditions and the existing availability of the dollar.

Fiqi said that the real price of the pound against the dollar, when things stabilize and the economy returns to activity, would range between LE35-40.

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