Egypt faces large spread of dollarization: EFG Hermes

The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih
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The financial group also referred to the possible need to secure additional sources of foreign exchange

Staff Writer, Arab Finance

May 11, 2023

PHOTO
The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih

Egypt is witnessing a large spread of dollarization in all sectors of the economy, based on the monetary indicators, Asharq Business reported on May 10th, citing a recent report issued by EFG Hermes.

The anticipated asset sales in Egypt will not provide sufficient liquidity to promote the transition to a flexible exchange rate regime, EFG Hermes said.

The financial group also referred to the possible need to secure additional sources of foreign exchange.

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