Egyptian minister of economy says price of Egyptian pound far less than real value

Egyptian Minister of Economy Youssef Butros Ghali confirmed that the current price of the Egyptian pound is lower than its real value by 15%, according to the capabilities of the Egyptian economy.

He also said that the short-term debts in Egypt are very low amounting to only $2 billion, while foreign debts amount to $28.5 billion, which are long-term debts with low interest.

For this reason, he said, its market value currently amounts to only $18 billion at a time when the reserves of the central bank vary between $19.5 and $20 billion.

Butros Ghali made his statements at the inauguration of the second symposium for Egyptian and German businessmen yesterday.