Central Bank Of Egypt announced that is has floated the currency against all foreign currencies. That was a surprise for all Egyptian the government said this a step toward success and this will help to improve our economy and will attract many investors to invest in Egypt besides it will make an end to the currency black market.
Until now we cant consider that was the right decision specially when we talk about timing. Egyptian Phosphate exporters said that was a great step cause this will make them able to compete with other international markets by offering lower prices, they expect more quantities of phosphate to be exported.
Business insider said that ( As for what a devalued currency means for Egypt, Jason Tuvey, Middle East economist at Capital Economics wrote that, “in the short term, the weakening of the pound will inevitably involve some short-term pain. Inflation, which is already high following March’s devaluation, is likely to rise.” ). Read more
While BBC News said ( Although the liberalisation should help the country to strengthen its economy, it will make life harder for Egyptians and the cost of all imported goods will rise sharply.) Read more