Hossam Naser, former vice president of the Industrial Development Bank, said the dollar exchange rate has declined due to the return of security to the Egyptian street, the near inauguration of the new president and the aid package announced by the United Arab Emirates.
He also said that the dollar rate problem on the black market was created by currency dealers who took advantage of the economic crisis after the 25 January revolution. “It is time they paid for their deeds,” he said.
Naser predicted more declines in the dollar rate with political stability.
The dollar exchange rate stood at LE7.15 for buying and LE7.18 for selling at banks and bureaux du exchange, while it went down on Monday by LE0.09 on the black market ,to LE7.40 versus LE7.49 on Sunday.
Edited translation from Al-Masry Al-Youm
