Matti Beshay, an expert with the General Division of Importers, said on Wednesday that the market is suffering stagnation despite the fact that prices have decreased following the decline in the US Dollar exchange rates against the Egyptian Pound, adding that commercial markets and the industrial sector will witness a significant recovery in June.
Beshay explained that the government will issue directives to stimulate the commercial and industrial sectors, which will have a positive impact on prices and consumers, adding that the decline in exchange rates will continue to decrease prices of food stuffs and other basic goods.
Beshay noted that Egypt imports 70 percent of fully-manufactured goods and production components.
Several factors resulted in the declining prices of the dollar, including the increasing rates of tourism in 2019 compared to the previous years, halting gas imports following the discovery of new gas fields, and the increase in remittances from expatriates through the banks.
Dollar prices declined by 26 piaster on Wednesday, recording LE15.74 for purchase from LE16 and LE15.84 for selling, down from LE15.84.
Edited translation from Al-Masry Al-Youm