Hanan Ramsis, an expert in the Egyptian capital market, confirmed that a new float of the pound against the US dollar at that stage is not on the government’s agenda, given the serious repercussions that will ensue, and there are other alternatives being worked on to alleviate the crisis, including joining the BRICS group.She added in her speech to “Sputnik” on Wednesday, that there are other alternatives that the government is trying to use as an alternative to a new devaluation of the pound against the dollar, including increasing exports and tourism recovery, in addition to that Egypt has submitted an official request for
Joining the BRICS GroupChina and Russia are working to limit the dominance of the U.S. dollar even though there is no single currency yet.
Ramses said, “I believe that the throne of the dollar will be severely shaken during the coming period in Egypt, and with this we must bear in mind the periodic review of the International Monetary Fund, and when they find that there is a recovery, they will back down from their demand for the inevitability of liberalizing the exchange rate of the pound against the dollar.
Source: Sputnik