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Finance Ministry refutes rumors on US dollar rate reaching LE40

During a phone-in with Sada al-Balad channel on Thursday, Maait touched on rumors on social media regarding the rise in the price of the US dollar against the Egyptian pound, and it will increase to LE 40.

“This is an unfounded rumor,” he said, pointing out that most of these rumors come from abroad with the aim of undermining the stability of Egypt, in light of the global crises facing the world.

The Finance Minister commented: “I hope that 2023 will be a year of stability, whether security or economic.”

The Media Observatory of the Egyptian Finance Ministry stated that disinformation online has attributed false statements to Finance Minister Mohamed Maait about the Egyptian pound.

The observatory said that Finance Ministry is concerned with financial policies, while the Central Bank of Egypt (CBE) is concerned with monetary policies, implying that it is not the body concerned with setting the exchange rate.

There is sustainable coordination between Finance Ministry and the CBE, as is the case in the Monetary and Financial Policy Committee, it added, which closely follows all global and local economic developments, with the aim of dealing with them.

The observatory said that this serves the interests of the Egyptian economy, and mitigates the consequences of the current global crisis on the Egyptian economy.

It called on media outlets to investigate accuracy and obtain information from their competent sources, before publishing any news related to the Finance Ministry.


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