Cabinet Spokesman: International Reports Confirm Unrealistic Dollar Rate on Parallel Market

Egyptian Cabinet spokesman, Mohamed El-Homsany said reports from the IMF confirm that there are promising opportunities for the Egyptian economy, referring to reports from international institutions that confirmed that the price of the dollar in the parallel market is much higher than its real price against the Egyptian pound.

The Cabinet spokesman added, during a call-in on “Sada El Balad” channel that the state is working to increase the dollar and foreign exchange assets to $300 billion annually.

He added that the global crisis has led to an increase in the level of inflation, however there are promising indicators of a decline in the level of inflation even in major economies.

He explained that reducing the level of inflation will occur in the coming period with government measures, and there are there are indications of a decline in inflation rates locally, adding that there is significant control over prices in the markets to confront inflation.