Egyptian PM confirms he is taking serious steps to control monetary policy

Egyptian Prime Minister Mostafa Madbouli confirmed that the government has taken serious steps to control monetary policy and that the Central Bank has been working to counter the parallel market with government support.

During a press conference held during his North Sinai tour, Madbuli added that the state has released $9.1 billion worth of goods since the decision to release imports and as part of support for industry and agriculture.

The Prime Minister pointed out that the supply of goods and goods to the markets is carried out as part of the state’s desire to use factories at full capacity.

The government seeks to control the foreign exchange market and control the parallel market in which the dollar is traded against the Egyptian pound at a higher rate than the official rate.

And the Central Bank of Egypt has made several decisions in this regard, from the decision to oblige gold exporters to deliver dollar proceeds to banks no later than 10 days from the date of export, to raising the interest rate at its last meeting by about 3 percent. , and the movement of the exchange rate, except for the return to work with collection documents. In addition to letters of credit.

The Egyptian government took action on the release of goods and goods that were piled up in Egyptian ports and caused the crisis, and announced the release of goods and production claims worth more than $6.8 billion last December, which reduced the demand for dollars.

Source: “Week”