The recent rise in the price of the US dollar above the symbolic LE50 mark against the Egyptian pound has sparked deep reflection in the international community. Abdel-Moneim al-Sayed, Director of the Cairo Center for Economic and Strategic Studies (CCESS), offered his insightful analysis on this significant development.
In a telephone interview with the private channel “Fatshimetrie”, Sayed expressed his forecasts regarding the future rate of the US dollar in Egypt. He predicted slight increases to come, but stressed that they would remain at very low levels.
Sayed also provided a reassuring view of the situation, stressing that manufacturing companies in Egypt had already anticipated this variation by adding three to four percent of additional costs. This adaptation shows a certain resilience in the sector, despite fluctuations in the foreign exchange market.
Furthermore, the Director of CCESS stressed that the upward movement of the dollar was the result of an interaction between supply and demand. He stressed the need for Egypt to increase foreign investment, promote local production and reduce the import bill. These actions are crucial to stabilize the economy and ensure sustainable growth.
Ultimately, these fluctuations in the currency market are a testament to the challenges facing many countries at the moment. However, they also provide opportunities for reflection and change for governments and economic actors. It is imperative to implement strong and visionary policies to ensure long-term prosperity for all citizens.