Head of the Industrial Development and Workers bank of Egypt (IDBE) El-Sayed El-Kosayer said it is inconceivable to place more burdens on the Central Bank of Egypt (CBE) in resolving the dollar crisis.
The CBE is not responsible for providing the dollar; it is responsible for managing foreign currency reserves and the exchange market.
The bank introduced several measures to limit the use of the dollar to focus on basic commodities import and production requirements. It further provided billions of dollars to release the confined goods from customs.
“We must emphasise on the importance of everyone’s role in eliminating the dollar crisis. We must work and produce. We must reduce the use of imported goods. Egyptians abroad should increase remittances of foreign currency exchange to the state and leave it for banks not for black markets” El-Kosayer said.
The government should support the CBE in achieving its goals, to work on increasing foreign exchange resources, and to help implement initiatives that support economic sectors and small and medium-sized enterprises (SMEs).