Naguib Sawiris urges significant devaluation of the Egyptian pound ...Egypt

EGYPT INDEPENDENT - Economy
Naguib Sawiris urges significant devaluation of the Egyptian pound
source : EGYPT INDEPENDENT ( Egypt ) () 68
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

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