Hisham Ezz Al-Arab, a week after liberalizing the exchange rate: We are on the right path

Thursday, March 14, 2024 07:19 PM

He said Hisham Ezz Al-ArabChairman of the Board of Directors of the Commercial International Bank – Egypt CIB A week after the exchange rate liberalization: I can say that we are on the right path, provided that there is continued availability of liquidity, buying or selling.

Hisham Ezz Al-Arab added: As for the price rising or falling, “this is not a goal in itself.” It will rise and fall according to supply and demand, and it is still too early to talk about the fair price of the dollar.

Ezz Al-Arab stressed: Reform is a path whose first steps we have begun successfully, but it is still in its infancy, but let me say that the first measure of success has been achieved by the availability of liquidity in its legitimate paths, “one exchange market.” The ultimate goal remains to stabilize the lives of countries and peoples, which is targeting inflation, and this will succeed primarily by controlling borrowing and the total deficit of the public budget, at this time. assets monetization Reducing the public debt and liquidating the overdraft account at the Central Bank.