Economic expert Magdy Ashmawi said in an interview with ArabsToday that the dollar fluctuation is a natural reaction to the flotation of pound, adding that the Central Bank of Egypt's (CBE) decision to increase interest rate on pound has affected the domestic investments.
He asserted that the government needs to control markets to prevent manipulation, referring that the increase inRead more
Egypt's central bank is expected to raise interest rates on Thursday, a Reuters poll showed, in an attempt to fight inflation and attract foreign investment as the country pushes through with economic reforms.
Egypt has been struggling with a shortage of foreign currency since the 2011 uprising drove away tourists and foreign investors — two major sources of hard currency.Read more