Banking expert Hany Aboul Fotouh said that there are many expectations about the US dollar price decline against the Egyptian pound at the beginning of 2017. He believes 2017 is not expected to witness high leaps in the price of the dollar against the pound. He added that according to the rule of supply and demand, the price of the currency stabilises when supply and demand become balanced. Aboul Fotouh said that after a full flotation of the pound, there is no targeted price for the dollar, because determining the price will be done according to the rule of supply and demand. He pointed out that investment banks’ expectations indicate that the dollar exchange price will be EGP 13-14, if the government complies with the IMF-backed economic reform programme.

Source: Daily News Egypt January 21, 2017 17:28 UTC