Cairo – Mubasher: US dollar is expected to be devaluated agaist the Egyptian Pound after six months, chairman of Egypt's Federation of Egyptian Industries (FEI), Mohamed El Sewedy said on Thursday.
He pinpointed that Egypt will witness an activity in the tourism sector in the coming period, which is considered a main source for the foreign currency in Egypt.
El Sewedy added that the foreign investor's situation became better than before, as the existence of one price for the dollar in Egypt is what the investor was looking for to trade and invest in the Egyptian market.
FEI's chairman commented on the Central Bank of Egypt's (CBE) decision on Thursday to float the Egyptian Pound, saying that it was an integrated decision and came in the right time.
He noted that the CBE decision will have a positive impact on the Egyptian industry as it will open big exports horizons.
