Ali Al-Hariri, Deputy of Exchange Department at the Federation of Egyptian Chambers of Commerce, said the U.S. dollar will likely retreat against the Egyptian pound to eventually reach EGP 6. Dollar's exchange rate has witnessed a massive increase during the last days against the Egyptian currency recording EGP 6.41 (buy price) and EGP 6.46 (sell price). Al-Hariri added during an interview with one of the local talk shows that there are plenty amounts of the U.S. dollar in the foreign exchange firms. “There were some forex firms which were not willing to obtain dollars from the banks due to the recent decreasing demand for the U.S. currency." Al-Hariri noted He stated that the two major reasons behind the dollar's enormous hike are the currency speculation and rumors in regard to witnessing further remarkable rise driving individuals to switch their fund into foreign currency. Moreover, Al-Hariri negated the rumors that the dollar's exchange rate has exceeded EGP 6.80 in the black market noting that the official data affirmed the exchange rate at EGP 6.55 against the local currency during last week. The Deputy of Exchange Department concluded by highlighting the crucial role played by Egypt's Central Bank Governor Farouk El-Okdah during the last few years in stabilizing the local currency's exchange rate. Al-Hariri stressed that El-Okdah will manage to go on supporting the Egyptian pound within the coming period.
