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Expert criticizes CBE decision to increase dollar exchange rate

Ahmed Shiha, vice president of the Division of Importers, criticized the Central Bank of Egypt's decision to increase the dollar exchange rate compared to the Egyptian pound by five piasters recently. He explained that the decision was an official license for the black market traders to increase prices.
 
Shiha told Al-Masry Al-Youm on Tuesday the decision would not contribute to the elimination of the black market but on the contrary, adding that the black market exists due to the failing monetary policies pursued by the Central Bank.
 
 
Edited translation from Al-Masry Al-Youm

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