Egypt’s exchange rate uncertainty stifling business, say entrepreneurs

There is significant foreign currency in Egypt but people are holding on to dollars in the hope of getting more for them after a further devaluation, say observers 

Egyptian entrepreneurs have warned that uncertainty over the exchange rate is suffocating business and impeding their ability to plan and invest, as the country endures its worst foreign currency crisis in years.

A series of devaluations since March last year has halved the value of the Egyptian pound against the dollar but failed to boost foreign exchange inflows. A new devaluation is expected, economists and business leaders say. Meanwhile, the dollar shortage has led to a black market in foreign currency.