Hani Seif El Nasr president of the Arab Investment Bank attributed the cause of the collapse of the dollar prices in the market to a number of factors, including economic indicators recovered, making dollar holders tend to get rid of him for fear of incurring further losses, pointing out that the outcome of the dollar to the bank amounted to $ 200 million and is to meet all customers' demands opening letters of credit.

 

He expected to see the dollar fall further where he arrived yesterday to about 16.40 pounds and stressing that there had been unjustified reasons for the high prices of the dollar, which began after the floating exchange rate value of 13 pounds of jumps in an exaggerated manner and does not reflect the fair value and up to 19 pounds a reference reason to attempts conspiracy outside on Egypt in order to harm the Egyptian economy and said that the reluctance of companies for import after the lack of demand contributed to the decline in the dollar, as well as dollar bonds put forward by the Egyptian government about three times and the start of the recovery of tourism indicators cover, and pointing out that these factors contributed to increased confidence economic steps that take place in Egypt.

 

He said there was a significant activity in the Egyptians' remittances from abroad, as well as an increase in the movement of interbank transactions between banks, which is an indicator of the state of stability and availability of the dollar in the legitimacy of its channels, which confirms the success of the experience of floating exchange rate.

 

 

Ahram 15/02/2017