Dr. Yousrey Elsharkawi praised the surgeries carried out by the Central Bank this morning in general monetary policies
Financial policy makers must prepare… until the global economic challenges are completed, which we believe that we all, as the government sector and the private sector, must face together.
Elsharkawi stated that there is no doubt that the decisions of the Central Bank of Egypt are vigilant and skilled in the required monetary policy surgeries, which took place suddenly this morning and were very important. Fiscal policy makers should reconsider some decisions that would revive the Egyptian economy’s movement
Elsharkawi pointed out that this step by the Central Bank of Egypt is proactive and distinct and will contribute a part to facing the crisis, and we stress that the vigilance of monetary policy makers is important!! In the face of the multiple challenges facing the emerging Egyptian economy of a special nature
He said, “I imagine that shortly after bank certificates and theses, with a bank return that may reach between 18-20%, to withdraw cash, stop dollarization practices, reduce the black market that was preparing and bare its teeth, and bring about a revival of markets by supporting at least 12 million consumers. Their daily needs and this will limit the inflationary wave and part of the confrontation and will give an opportunity for the central bank to move the value of the pound and this is required according to the challenges, and will restrain the expansion of “unaccounted” borrowing,,
Elsharkawi indicated that they are all good steps that are required, but the only negative effect is bearing the bill of the internal domestic debt for the benefit of deepening the wounds of the internal state debt and increasing its effects. There may be a contraction in attracting foreign and local investments, and this is possible due to the high interest, but we believe that the impact of this, whatever it may be, will be very small, given that the global foreign investment movement is relatively slow and there are cases of severe reservations due to what is happening in the world with its impact of huge challenges
Elsharkawi did not rule out the post-decision stage and stated that we might see fluctuations in the dollar price, expected rises, and bubbles, and the brothers, Facebook pioneers, and the media, should not unintentionally contribute to igniting the scene and not pay attention to publishing the price of the dollar every minute. These are natural phenomena in such cases, followed by inflationary waves that are easy to absorb, and then Cases of relative stability and a gradual decline in the dollar price,, The vigilance of people and the role of everyone is very important