By: El Sayed Soliman and Ahmed Allam
Cairo – Mubasher: The Central Bank of Egypt (CBE) will manage the whole process of floating the Egyptian pound over the long-term, the industry minister told Mubasher.
Tarek Kabil added on the sideline of the Euromoney conference on Monday that the floating step is good for the Egyptian exports.
Egypt is suffering from the instability of the foreign currencies with the retreat of the foreign reserves to around $16.5 billion, compared to $36 billion before the Revolution of January 2011.
CBE raised the dollar price against the Egyptian pound by 14% in March to reach EGP 8.78, while its price exceeds EGP 12.5 in the black market.
Translated by: Sara Ghali
