Egyptian business community leader warns of long-run negative impact of trade deficit on exchange rate

Head of the Export Council for Engineering Industries Sherif al-Sayad warned in a TV interview that if the current trade deficit, standing at $40 billion, continues to exist, Egypt will have to devalue the currency every 4-5 years.

The businessman showcased that Egypt’s exports, including petroleum ones, per annum are worth $40 billion, while the value of imports ranges between $75-$80 billion.