Central Bank yet to announce flotation of Egyptian pound: MP

The Central Bank cannot issue a decision to float, even partially, without ensuring a sufficient supply of US dollars in Egypt’s banks, he explained.

The US dollar availability represents an essential element in determining its price in the parallel market, which relies on the vision of the Central Bank.

The Central Bank is solely responsible for monetary policy and tackling the problem of the parallel market in the coming period in accordance with the law, he added, indicating that there is a concrete plan to deal with the parallel market.

“The black market greatly impacts the Egyptian economy and this issue will be addressed as soon as possible,” he assured.

He clarified that the price of the dollar is one of the most significant pillars on which the Egyptian economy depends, as the stability of the price of the dollar will attract more investors to the Egyptian market, alongside controlling the inflation rate of goods and services.

Many measures will be taken in the near future to increase US dollar reserve currency in an effort to maintain the stability of its price in the Egyptian market.