Representative Mohamed Badrawi, a member of the House of Representatives Economic Affairs Committee, attributed the dollar’s depreciation against the pound to several reasons, most notably the increase in dollar revenues during the recent period of tourism, transfers of Egyptians working abroad, and the appetite of foreigners to buy dollar bonds and debt instruments in foreign currency, increasing foreign investments, As well as economic reform.Badrawi predicted, in statements to “Echo of the Country,” that the dollar will decline further during the coming period in light of the positive economic indicators for Egypt, as a result of the economic reforms undertaken by the government during the current period under the guidance of President Abdel Fattah al-Sisi, asking the ministers to work to compensate citizens for their endurance of the reform program. Economic.
A member of the Economic Committee pointed out that there is a direct relationship between internal stability and the low price of the dollar, stressing that the more confidence in internal stability increases, the greater the liquidity and cash reserves, therefore it is necessary to work on increasing the confidence of investors in the Egyptian economy by activating investment laws and giving them more investment facilities.
The dollar tumbled to unprecedented rates since last Wednesday until the end of the day with an average of 13 piasters, according to a report issued by the Central Bank of Egypt.
According to the central bank’s report, which showed that the exchange rate of the dollar reached 15.867 pounds for purchase and 15.96 pounds for sale in the end of day trading, after its exchange rate last Wednesday was 16 pounds for purchase and 16.038 pounds for sale.
During the past 6 days, the dollar fell at a daily rate, during which it lost between 3 to 4 piasters per day, to currently settle at 15.86 pounds for purchase and 15.96 pounds for sale.