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Floating the Egyptian pound expected to have slight impact on mobile market Securing US dollars at banks is the condition for eliminating the black market, says Mohamed Ismail
The regional business development director at Transsion-Tecno and Infinix Mobiles brands owner, Mohamed Ismail, said that floating the exchange rate of the Egyptian pound will not have a big impact on the mobile market, especially as the government considers mobile phones a non-essential good, hence they are not prioritised for US dollars. He noted that restrictions on US dollar-denominated deposits at banks remain unchanged at $50,000. Ismail added that if US dollars are secured through banks with affordable prices for two weeks, the black market will be eliminated, which could benefit importers and consumers alike. Moreover, he said that if the exchange market remains contained for a few weeks, the prices of mobile phones could drop down, despite the increase in the customs tariff by 40%.
