Egyptian banking expert Sahar El-Damati confirmed that Egypt has a problem with the availability of hard currency as a result of global economic conditions, including the coronavirus and the Russian-Ukrainian crisis.
She explained that Egypt has devalued the pound by 22% against the dollar in a gradual depreciation and I believe there will be a depreciation of the pound against the dollar in the coming period.
She added during a media meeting with Syed Ali on the Hazrat al-Muwateen program that the dollar rose significantly against the pound in 2016, then returned to stability and fell again, and the state is working to eliminate the black market. , in addition to rationalizing imports, increasing investment and improving the climate.
She explained that the state managed to eliminate the black market for dollars, and the number of tourists needs to be increased, especially since Egypt has beaches and monuments.
Source: Al-Masri Al-Youm.