Cairo – Mubasher: The dilemma of shortage of US dollar exchange in Egypt will mute the growth of the energy companies working there, said Mohamed Saad, Schneider Electric's zone president for Africa and the Caribbean.
The Central Bank of Egypt should adopt clear policy regards the foreign exchange market in the upcoming period in order to support the foreign investments, added Saad.
Egypt suffers from record shortage in the foreign currency reserves, as it dropped from $36 billion before the uprising of 25 January 2011 to nearly $16 billion by the end of January 2016.
Schneider Electric-Egypt capitalizes on exporting around 25% to 30% of its products to meet its needs of hard currency, noted Saad.
