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MP Mohamed Fouad: Market purchasing power weak, no sudden exchange rate change expected
The article discusses the state of the Egyptian economy amid the anticipated rise in the dollar's exchange rate. MP Mohamed Fouad confirmed that surpassing the 52-pound mark per dollar will lead to a slight increase in commodity prices. However, the market is currently going through a difficult phase due to weak purchasing power and the continued rise in interest rates. He explained that the flexible exchange rate policy implemented by the Central Bank helps stabilize the market and praised the effective management of these policies. Additionally, he noted that the government is still working on preparing a new development program spanning three years, although the details of this program have not been clarified yet. He predicted that the upcoming government conference will showcase its achievements, but he did not confirm the existence of a clear plan for the future of the economy at this time.
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