Dr. Ahmed Shalabi, President of the Egyptian Real Estate Council, emphasized the significance of the recent interest rate hike and the announcement of a fair exchange rate, stating that these decisions will have a highly positive impact on market stability. He views these measures as a crucial step towards eliminating the parallel market, regardless of the official pound-to-dollar rate.

Dr. Shalabi underscored the necessity for a unified exchange rate, citing the market's reliance on parallel rates due to the scarcity of foreign currencies in banks.

In a statement, Dr. Shalabi acknowledged the challenging task ahead for the Central Bank, noting that recent management of the economic file has demonstrated professionalism.

He highlighted the synchronized steps of interest rate hikes and full exchange rate liberalization following the availability of dollars, affirming the existence of a well-thought-out plan. Concurrently, discussions have commenced at the International Monetary Fund regarding a potential $10 billion financing package.

Dr. Shalabi elaborated that the recent decisions are poised to have a positive impact on the economy, providing reassurance to investors. He anticipates a boost in both direct and indirect foreign investment, potentially leading to a depreciation of the pound against the dollar.

He concluded by noting the newfound clarity in vision, a long-awaited development that addresses concerns from past periods.