Good evening. Today, unfortunately, my country’s currency, the Egyptian pound, was floated to a high level
When was the price of the Egyptian pound in 2011, what was the price
1usd = 8 Egyptian pound
We are currently talking above
1usd = 50 Egyptian pound
Unfortunately, the float happened suddenly. Also, the economic situation and our huge increase are difficult. Last year, for example, I bought a kilogram of sugar for 17 Egyptian pounds. Now the price of sugar is 57 Egyptian pounds
Although I do not have a general opinion about what happened, what I do know is that the decision to float and our high level of huge investment will affect the Egyptian people
What do you think? Is this floating decision in your opinion appropriate or not a good decision?
I opined against floating the exchange rate @youm