Rashad Abdo, an economist, revealed his expectations regarding the movement of the exchange rate and the decline of the pound against the dollar within days.
“Abdo” said, in a telephone conversation with the journalist, Mostafa Bakry, on the “Facts and Secrets” program broadcast on the “Sada Al-Balad” satellite channel, that social networking sites caused a state of shock to the Egyptians, after expectations of raising the interest rate to 30%.
moving the interest rate
He added that when the interest rate was raised to 19% instead of 16%, the Egyptians were shocked. Therefore, I expect that there will be a movement in the exchange rate within days.
He pointed out that the price of the pound will decrease against the dollar, in an attempt to eliminate the black market, and that there will be a flexible price for the dollar, especially after the Federal Reserve moved the interest rate and raised it again.
He pointed out that the Central Bank had to raise the interest rate to compensate for the expiration of the 18% certificates so that this money would not be pumped into the markets, which would increase prices and increase inflation rates.