Egypt's currency black market nearly eliminated, prices will fall

Egypt's currency black market has been almost eliminated since the flotation of the Egyptian pound in November, Tarek Amer, the head of the Central Bank of Egypt (CBE), said in a TV interview broadcast on Monday.
He also said that ongoing consumer inflation means a boost for locally produced goods over expensive imports.

The interview was recorded on Sunday on the sidelines of a meeting with South Sinai investors over a new EGP 5 billion fund to support tourism.

“Of course, there are negative outcomes for citizens because of the latest decisions," Amer said.

"Citizens are the heroes, as President El-Sisi said, and they will withstand the situation in the short term, especially since they know that there are serious programmes that the government is working on,” he said.