Ramez, the Governor of the Central Bank, has failed to provide foreign currency, although he knows very well that everyone is suffering from its shortage. Why did he not bring in Moroccan and Nigerian magicians who are known for generating dollars out of thin air?
Ramez does not want to admit that the Egyptian pound is not a taboo whose exchange rate we should not change. His stubbornness has encouraged the smuggling of dollars via Turkey, Dubai, Libya and even China to the black market.
Imports and exports will not be affected if the Egyptian pound is devalued. They were not affected back in 2003 when we did so. We just need to give priority to credit facilities for the import of basic goods. We should give the banks a leverage of 10 piasters or so in the exchange rate to the dollar to move within. And we must adhere to the Constitution, which regulates monetary policies.
