Egypt Government Moves to Control Currency Exchange Rate

The Egyptian government pledged to “control the market,” stressing that the US dollar crisis is on its way to being resolved. 

It has also sought to crack down on currency dealers in the “black market.” 

The value of the Egyptian pound declined against the US dollar following the Central Bank’s decision in October to move to a flexible exchange rate, describing it as one of the conditions for obtaining an International Monetary Fund (IMF) loan.  

Cairo received the first tranche of the IMF loan in December, which led to a wave of “high prices.”  

Government spokesman Nader Saad confirmed in televised statements that the US dollar crisis is on its way to being solved, adding that there are commodities worth $8.5 billion in the ports and that the coming period would witness the release of items worth $3.4 billion.