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Boutros-Ghali: Fixing Rate Was a Mistake
Youssef Boutros-Ghali, the former finance minister and economic expert, discussed the exchange rate of the dollar during Mubarak's era, clarifying that there is no fair exchange rate and that it is determined by the market based on supply and demand. He mentioned that fixing the exchange rate after the 1997 crisis was a mistake that led to economic suffering, advising to let the price fluctuate freely for three to four months to implement positive changes. He emphasized that the decision to fix the rate sent a negative message to foreign markets, even though the crisis was external rather than internal, resulting in long-term effects. He explained that devaluing the currency aims to stimulate economic growth, which requires higher growth rates exceeding 7% to bring about radical changes.
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