FILE PHOTO: Egyptian President Abdel Fattah al-Sisi. REUTERS/Thaier Al Sudani
CAIRO: Egyptian President Abdel Fattah al-Sisi says that with tens of billions of US dollars in new financing from the United Arab Emirates and the International Monetary Fund (IMF), moving to a flexible exchange rate would be possible.
The comments last Saturday were Sisi’s first public remarks since last Wednesday, when Egypt let the pound drop to just under 50 pounds to the US dollar from 30.85 pounds – the latest in a series of devaluations since early 2022.
