Parliament Member/ Mr. Anwar El-Sadat, Head of Reform and Development Party (RDP) calls for an urgent Parliamentary session to discuss the Central Bank’s Decree on exchange rate liberalization of the Egyptian Pound against Foreign currencies. The Decree also includes increasing the basic interest rate to 3%.
El-Sadat stresses that the attendance of the CBE Governor, the Prime Minister and the Minister of Finance to answer the inquiries of the Parliament Members with respect to the Decree. Such Decree may have impact on the citizens especially the poor and it may affect trade and investment as well as job opportunities. The State’s Budget may be affected.
El-Sadat seconds the liberalization of exchange rate as it cease the disruption and manipulation in the black market. However, it will have negative effects on the Budget and the poor. He added that increasing the interest rate to 3% will lead to and increase at least 60 Billion pounds of the Public Debt and fixing the price of gasoline according the new price of Dollar will lead to increase in the prices of petroleum and electricity at least 30 Billion Pounds. Further, austerity measures will be taken and it will affect direly the citizens in the escalating prices we are currently witnessing. Consequently, that urgent session for discussing the government’s plan to address and manage that crisis.
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