Cairo – Mubasher: Investments in Egypt’s mineral sector surged to EGP 15 billion from EGP 8 billion after the liberalisation of the exchange rate, head of metal forming department at the Federation of Egyptian Industries (FEI) Ayman El-Nagoli told MENA.
The department covers six main segments for several industries, he added.
The department will follow a strategy to boost exports over the coming period, El-Nagoli further noted, indicating that the liberalisation of the exchange rate will reinforce competition of Egyptian products made from local materials.
In November 2016, the Central Bank of Egypt (CBE) announced the liberalisation of the exchange rate in accordance with the supply and demand mechanisms by giving banks the right to price foreign currencies through the US dollar interbank mechanism.
