Hisham Ezz Al-Arab, CEO of CIB Bank, revealed the reasons for the movements of the dollar price in Egypt, stressing that the recent rise in its value is part of natural movements witnessed by the global market after the announcement of the US election results.
The CEO of CIB Bank added, during a phone call with the “Al-Hekaya” program on MBC Misr, that Egypt is not isolated from the world, as most currencies are witnessing a decline against the dollar.
Ezz Al-Arab explained that the availability of the dollar is the most important factor in the market, and not just determining its price on paper.
He pointed out that there is a big difference between a situation in which the dollar is available in banks for citizens, and a situation in which the price is low but the currency is not available.
Ezz Al-Arab stressed that linking the price of the dollar to the dignity of the state is a wrong concept that must be eliminated. He stressed that price movements are normal as long as the market’s needs for foreign currency are met without delay.
He pointed out that the International Monetary Fund has full knowledge of the Egyptian market and the economic measures taken, and that its confidence in the decisions of the Central Bank of Egypt represents a positive message. He concluded his speech by saying that what matters is market stability and the availability of the dollar, calling for forgetting previous crises related to foreign currency.
