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Deputy Al-Ahly Bank: “The dollar has taken a large increase, and its price can be increased.”

11:04 PM

Thursday 27 October 2022

Books – Moataz Abbas:

Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, said that the capital market was waiting for new economic decisions, which were expected until we start a new phase of economic reform and implement the tasks and challenges that we were affected by after the spread of the Corona virus pandemic and the Russian-Ukrainian war.

Aboul Fotouh added, in a telephone interview to the “Happening in Egypt” program, broadcast on MBC Egypt, today, Thursday, that the government offered investment certificates with an annual return of 17.25% to meet the needs of citizens in light of the current inflation.

And about the desire of some citizens to break the old certificates, he said: “Those who made the certificates in the past period, each certificate issued has certain conditions that you cannot break the certificate before 6 months have passed, but if the certificate is renewed, you can break it without waiting.

Regarding the possibility of an impact on documentary credits after the dollar’s ​​price hike, he indicated that it is his personal opinion that the rise in the dollar price to 23 pounds is in line with the expectations of the money market, adding: “All people, when they were priced goods, did not wait for the price to change, liberating the price that happened.” It is a reflection of people’s expectations in the past period, and the impact is a salvation event, even if there is a new impact, it will be very low.”

The deputy of the National Bank expected a breakthrough for all the goods that had accumulated over the past periods in the ports and their exit during the next two weeks.

He continued: “In companies that did not change their prices in the past period, and it is normal to change the prices of their products at new prices, but the rest of the companies that changed their prices from the beginning, if you supply prices for a certain number, you will not know how to sell and the buyer will not buy, and therefore there must be a balance in supply and demand, and the importer or The manufacturer is setting prices based on what he expected based on the new dollar rate.”

The journalist, Sharif Amer, asked a question, saying: “Is it possible within two weeks to have a kind of decline?”, to which Yahya Aboul Fotouh replied, saying: “A relative decline … because no one can say that now the dollar can see a full increase because it took the large increase even if A simple need has arisen, and it is possible within a short period of time, either it will be fixed or come down while meeting people’s needs, but if people’s needs are not met for goods in stores, the dollar price will be affected.”

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