Egypt denies exchange rate allegations, Dollar Shortage

The Egyptian Cabinet denied allegations and claims that are being circulated regarding the exchange rates and shortage of dollars in Egypt.

In a recent report, the cabinet indicated that Egypt has recently adopted a flexible exchange rate policy, which is the most appropriate policy in the case of economies open to the outside world that adopt an independent monetary policy.

The report added that flexible exchange rate policy contributes to increasing exports due to their competitiveness while reducing the attractiveness of imports due to their high costs.

Furthermore, Mostafa Madbouli stated in a press conference that the government is working on a plan to secure the nation’s FX needs until the end of FY 2022-2023, as well as a medium-term plan for the following two years.

Madbouli added that the government is aware that there is a rise in prices. “We are trying to reduce the burden on the citizens, and the government subsidizes the groups that need support," the Prime Minister stated.

He noted that most of the news on social media is directed at harming the Egyptian economy, Madbouli

Commenting on the dollar and gold prices, the PM said that the government has a plan to deal with the challenges resulting from the global crisis.

The government intervenes with a sensitive balance in the price increase crisis, because violence in dealing with the crisis will lead to the disappearance of goods, Madbouli said.

“National projects undertaken by the state provide millions of job opportunities for the youth,” Madbouli announced.