Last Update 12:15
Saturday, 19 October 2019

Having two exchange rates hindered direct investment: Egypt's finance minister

Ahram Online , Friday 4 Nov 2016
File Photo: Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt August 11, 2016 (Photo: Reuters)
Views: 3097
Views: 3097

Egyptian Finance Minister Amr El-Garhy said Friday that having two exchange rates, an official rate and a rate on the parallel market, had hindered direct investment in the country, in statements justifying Thursday's flotation of the pound.

The pound was floated by the central bank on Thursday and interest rates were raised; the petroleum ministry also increased the prices of subsidised petrol and gas by increments of between 30 and 50 percent.

El-Garhy, speaking to media at a press conference, also said that increasing the prices of subsidised energy would decrease pressure on the state budget.


Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.