Maait: New Devaluation of Egyptian Pound 'Rumors'

Mohamed Maait, Executive Director of the International Monetary Fund (IMF) for the Middle East and the Maldives confirmed that what is being said about the possibility of a new devaluation of the Egyptian pound soon is just rumors.

In his meeting with Mustafa Bakri on Sada El Balad Channel, Maait indicated that Egypt has a flexible exchange rate, adding that all the needs of foreign currency are available in the banks, which negates the existence of any issue in this regard.

Regarding the statements of the IMF chief about the expected increase in the growth rate in Egypt, Maait described her speech as distinguished, noting that Egypt has a young population structure, and with the provision of opportunities and improvement of the business environment, the private sector can be pushed to lead development.

Moait pointed out that Egypt has the opportunity to reach exports worth $100 billion, stressing that Egypt has at some point reached the first economic position in the African continent.

Maait also addressed the issue of Egypt's accession to the BRICS group, where he indicated that this accession represents international recognition of Egypt's size and economy.

He considered that BRICS provides opportunities for Egypt in the fields of investment, export and cooperation, and enhances integration in financial systems, in addition to expanding the currency basket in imports.

Moait explained that the BRICS New Development Bank provides financing for various sectors, giving Egypt the opportunity to benefit from international expertise, stressing Egypt's efforts to overcome obstacles and confront economic challenges, especially conflicts in the Red Sea.