Egyptian billionaire Naguib Sawiris criticized the delay in implementing the long-awaited devaluation of the Egyptian pound, proposing that authorities match the rising price in the black market to address the country’s chronic shortage of foreign currency. In a post on the social media platform “X,” (formerly Twitter) Sawiris said that delaying reforms is a “disaster” that will deteriorate the nation’s currently critical situation. The Egyptian currency has fallen to 68-70 pounds to the dollar recently, making it over 50 percent weaker than the official exchange rate of around 30.9. Sawiris said the right course of action is to tackle the root issue of the skyrocketed price of the dollar in
Hence then, the article about naguib sawiris urges significant devaluation of the egyptian pound was published today ( ) and is available onEGYPT INDEPENDENT ( Egypt ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Naguib Sawiris urges significant devaluation of the Egyptian pound )