Egypt’s Prime Minister Backs Flexible Exchange Rate to Boost Investor Confidence ...Egypt

Egyptian Prime Minister Mostafa Madbouly vowed to avoid past economic missteps, underscoring the importance of maintaining a flexible exchange rate to strengthen investor confidence and support long-term economic growth. Speaking at a press conference on Saturday, after touring health facilities in Giza and Cairo, Madbouly acknowledged that previous policies of fixing the exchange rate had led to severe challenges. “Fixing the exchange rate for extended periods created a false sense of stability, only to result in sharp devaluations of 30 to 40 percent when crises hit,” Madbouly said. “We won’t repeat those mistakes.” The prime minister emphasized that a flexible exchange rate helps stabiliz

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