A street vendor sells bread at a street corner in central Cairo, Egypt May 25, 2016. (File photo: Reuters)
Egypt's minister expects 10pct rise in exports on currency devaluation
Hopes there will be a free floating exchange rate of the Egyptian pound
Egyptian exports may get a boost of 10 per cent if the local currency is devalued, Trade and Industry Minister Tarek Kabil said on Tuesday, as reported by Ahram Online.
The minister said this during the second and the last day of the Euromoney Egypt conference.
According to Kabil , since January the country’s imports have gone down by $7 billion and exports have risen by $1 billion, and hoped there will be a free floating exchange rate of the Egyptian pound by the next Euromoney conference in September 2017.
Egypt, which relies heavily on food imports, has been facing a dollar squeeze since the 2011 uprisings, that has adversely affected tourism and investment.
