Egyptian parliamentarian Mohamed Abdullah Zain El-Din urged the government to take all measures to immediately stop trading in dollars inside Egypt and trade only in Egyptian pounds.
In a request for a briefing, which he submitted to Egyptian parliament speaker Hanafi Jabali and addressed to the finance minister, he said the issue brings multiple benefits to the national economy, most notably restoring the Egyptian pound to its true value. stop the continuous rise in dollar prices against the pound and the fall in the prices of many commodities.
Zain El-Din asked about the real reasons for the government’s failure to take the necessary measures to immediately stop dollar transactions inside Egypt, especially in light of the current negative and dangerous consequences for the global economy and the Egyptian economy due to the Russian-Ukrainian war.
He added: “Most countries in the world only deal in their local currency in their own lands, but in Egypt we find that there are a number of organizations that unfortunately operate in dollars, which has had a negative impact on the Egyptian economy. and the local currency. An unjustified and large jump in the exchange rate of the dollar against the Egyptian pound continues, which has led to a significant increase in the prices of most goods, especially imported ones.
Representative Muhammad Abdullah Zainuddin also urged the government to take all measures to ensure that imports of all non-essential imports and products are stopped in order to ease the burden on the import bill at this difficult economic juncture, emphasizing the need not to import any goods from abroad that have a local equivalent.
Source: Al-Masri Al-Youm.