Egyptian Prime Minister Mostafa Madbouly has assured the public that the country is on the right track in terms of its economic reforms and that the currency will stabilise. He explained that the International Monetary Fund (IMF) and Fitch Ratings have both recognized Egypt’s success in implementing a flexible exchange rate system, which means that there will be no fixed exchange rate. He addressed concerns about the recent increase in the dollar’s exchange rate, stating that fluctuations are to be expected and that the price is likely to drop again. Madbouly highlighted that international institutions recognize Egypt’s commitment to the correct economic path and anticipate the country’s emergence from its economic difficulties as long as it maintains its current course. Madbouly further pointed out that the IMF predicts a decline in Egypt’s inflation rate.

Source: Daily News Egypt November 07, 2024 05:28 UTC