Anwar El-Sadat head of The Reform and Development Party (RDP) calls the new governor of Central Bank of Egypt (CBE) for preserving and increasing the Foreign Currency reserves. He added that the reserves
has been declining recently in a dreadful manner. Sadat stressed that the foreign currency reserve is considered as the last tool to be used in protecting the Egyptian economy that has been endangered recently.
El-Sadat highlighted that the government should have a pivotal role in taking measures and procedures to face such problem such as devaluation of the Egyptian pound and temporarily increasing the customs and tariffs on many non-essential goods and recalling back the process of privatization and reduction of subsidies on imported fuels. However, such procedures should be balanced with applying a comprehensive policy to stimulate and increase exports and to enhance competitiveness of the Egyptian products in the local and international markets.
El-Sadat has previously called President Sisi for constituting a crisis cell to manage the Egyptian economy at such critical situation. He also called President Sisi for developing and implementing a comprehensive strategy for increasing exports as the trade deficit negatively affected the Egyptian Foreign Currency reserves.
Finally, the Egyptians should know the reality of the current economic situation of their country and the challenges to be faced should be stated clearly. We should concert efforts so as to face such issue. Those responsible should be held accountable for such crisis and we should work together to find a way out and to prioritize the welfare of Egypt and the Egyptians.
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