Egyptian Businessman, Samih Sawiris, says his country’s decision to float the currency can be declared a success, adding it will take time for investment flows to return to the battered economy.
The most populous Arab state needs investment from people like the billionaire, who could put millions into the economy and help mobilise foreign investors.
The central bank floated the Egyptian pound in November to attract foreign capital. The pound, consequently, weakened from 8.8 pounds to the U.S. dollar to roughly 20 pounds in December.
More than six years of political turmoil since the ouster of Hosni Mubarak in 2011 has scared off investors and tourists.