Egypt Pound Can Attain ‘Fair Value’ in 6 Months, El-Sisi Says
- Current reforms and cooperation of population key to stability
- Pound lost more than half its value against dollar after float
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The Egyptian pound can attain its “fair value” in about six months, President Abdel-Fattah El-Sisi said, trying to reassure his anxious nation that a price surge since the abandonment of currency controls is temporary.
In a new sign of support for the central bank’s Nov. 3 decision to free the exchange rate, El-Sisi said the currency was weaker than it should be, but should strengthen as reforms take hold. The interview, his first with the state-run media this year, comes as rising prices exact a new toll on a country whose economy has been struggle to revive since the 2011 uprising that ousted President Hosni Mubarak.