Arafa Holding plans European market entrance in 2015

Chairman and CEO of international textile and clothing company Arafa Holding, Alaa Arafa , announced the company’s plan to enter several European markets during 2015 due to local expansions.

In an interview with Daily News Egypt, Arafa criticised the country’s monetary policy which is adding to the lower exchange rate of the Egyptian pound. He said that this is resulting in an early consumption of roughly $50bn from the aid and monetary reserves. He added: “Our monetary policy is terrible and has to be reconsidered so that the Egyptian pound’s exchange rate can increase.”