The Central Bank of Egypt (CBE) continued to decrease the value of the Egyptian pound against the US dollar by 10 more piasters. The value of the Egyptian pound against the US dollar is now EGP 8.50 for selling and EGP 8.40 for buying.

An official of international transactions at a bank said that the central bank decision is not intended to confront the black market but the Central Bank implements the monetary policy of the country according to the data and indicators on the market. He added that this decrease will attract more investments.

Mohammed Al Abyad –chairman of foreign exchange Division at Egyptian Federation of chambers of commerce- said that this decision had no effects on sale movement of the dollar and it is expected to be gained more profits in the case of the dollar's decrease.

From other hand the industrialists confirmed that the CBE's decision has controversial effects on the industry generally and the local industry specifically, which imports their raw material from abroad that will lead to increase in production costs and consequently increase in prices of local market and increase in import value.

Also a state of resentment among importers prevailed currently because of instability of the dollar's rates and successive increases plus the dollar's unavailability that would effect on the market needs.

The members of   Chambers of commerce called the officials of CBE for declaring clear policy related to the dollar and its availability so that traders can identify the quantity that are able to import without causing harm because of congestion of stored goods at port terminals that might generate more costs added to  final price of goods.