Global pressures driving Egyptian pound fluctuations: Bank official ...Egypt

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Global pressures driving Egyptian pound fluctuations: Bank official
source : EGYPT INDEPENDENT ( Egypt ) () 38
Mohammed Abdel Aal, a board member of the Gulf Egyptian Bank, stated that while there are exceptional global pressures, the change in the Egyptian pound’s exchange rate against the dollar confirms its true flexibility. In an interview with ‘Al Arabiya Business,’ Abdel Aal added that what we are witnessing in the market confirms that the movement of the Egyptian pound is free and not controlled by the Central Bank of Egypt. Abdel Aal further explained that there are international circumstances that are putting pressure on the Egyptian pound, as the world is experiencing geopolitical tensions that are reflected in all global stock markets, including Egypt. He continued, “The pressures that the

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