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Fouad: $1.8B Exit Strains Pound
The economist and Member of Parliament, Mohamed Fouad, discussed the impact of approximately $1.8 billion leaving the country since the beginning of the month. This has increased pressure on the exchange rate of the Egyptian pound, reflecting internal tensions and cash flows. He explained that the exchange rate has become a tool for assessing economic stress, and its flexibility helps the Central Bank maintain its dollar reserves and reduce currency draining. He pointed out that hot money flows, which contribute to increased demand for the dollar, are affected by regional risks and lead to fluctuations, impacting commercial activity and keeping product prices high. This occurs alongside weak productive activity in the economy, which heavily relies on external financing, underscoring the need to review policies to strengthen the productive base.
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