20/02/2003
Al-Alam Alyom Newspaper 2003/FEBRUARY /20
The decision to liberalize the currency exchange rate brought about serious problems for the Egyptian economy, according to the General Division of Investors. At a meeting held in 2003, its members, starting from its chairman, discussed these problems (such as price hikes and the bad repercussions of this decision on tourism), and put forward some proposals to fix them. (Available in Arabic – German in PDF)
The General Division of Businessmen held a meeting to discuss the effects of the decision to liberalize the currency exchange rate. They pointed out to some of these negative effects, adding they were affecting Egyptian industry and tourism – among other sectors – and had pushed prices excessively up. Among these prices was also the Egyptian pound/dollar exchange rate. The Division members put forward several proposals and reforms to tackle this phenomenon, and called on the Egyptian authorities to take serious measures to bring prices back to normal levels and put the Egyptian economy back on track.