Floating the Egyptian pound is an excellent step: Naguib Sawiris

Daily News Egypt
1 Min Read
Egyptian billionaire Naguib Sawiris, poses for a photograph following an interview in London, U.K., on Thursday, May 24, 2012. Sawiris said he??d be willing to sell his Telekom Austria AG stake to Carlos Slim??s America Movil SAB if the Austrian government is uncooperative. Photographer: Simon Dawson/Bloomberg via Getty Images

Business tycoon and Orascom Telecom Media and Technology chairperson Naguib Sawiris commented on the Central Bank of Egypt’s (CBE) decision to float the price of the national currency, saying that it is an excellent, albeit belated, move.

Sawiris encouraged Egyptians to not buy US dollars unless needed. He called on the Egyptian people to stand together to ensure that the CBE’s move to float the Egyptian pound is a success.

“Speculation will be a betrayal,” he emphasised.

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