The economic expert, Mohamed Al-Shahati said exclusively to our source: « Absolutely, decreasing the exchange rate or the foreign currency rate is not impossible, and also the exchange rate depends on the balance of payments balance, and achieving a surplus means support for the local currency rate. »
He added: « Due to the lack of various resources other than oil, it seems that the high oil prices this year will achieve a surplus in the balance of payments, in addition to a narrow margin to improve the exchange rate if the Central Bank decides to do so. »
He continued by saying: « On the other hand, the rise in government spending will narrow the margin to a large extent, and the fear of a drop in the oil price in the future puts another limit, in general, I expect that the Central Bank can implement a limited reduction in the price of the foreign currency, but not as the public wishes. »
