Banking expert criticizes CBE policy toward US dollar

Banking expert Passant Fahmy criticized previous televised remarks by Central Bank Governor Hisham Ramez in which he said he would surprise the market with new decisions to resolve the crisis of the dollar.
"There is no central bank governor in the world who works on surprises, but transparency," Fahmy said.
Fahmy added, in a special statement Tuesday, that the CBE was taking a great risk, pointing out that the size of cash reserve can not cover exceptional bid.
The dollar exchange rate on the black market stopped at LE7.80 for buying and LE7.85 for sale. The dollar exchange rate reached last Friday the highest level after hitting LE7.90.
Officially, the dollar stood at LE7.43 for buying and LE7.47 for sale.
Edited translation from Al-Masry Al-Youm

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