President Abdel Fattah Al-Sisi said that the compounding economic difficulties in Egypt made it necessary for the government to take measures, such as the flotation of the Egyptian pound. Since the flotation on 3 November 2016, banks have been free to set the prices of foreign currency against the Egyptian pound. “During the changes in the 1950s and 1960s, was there not any problem in the market mechanisms?” he asked. Al-Sisi explained that these mechanisms will not bring back socialism, but rather serve as a buffer between the free market and the struggle of Egyptians. He warned greedy traders saying that he will not leave the people prisoners to the free market mechanisms.

Source: Daily News Egypt January 16, 2017 12:48 UTC