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Monday, 27 February 2017

Amer gets blamed for parallel market resurgence; UK Foreign Secretary, CENTCOM Commander interviews

Foreign policy dominated the airwaves last night in the wake of visits from UK Foreign Secretary Boris Johnson and United States Central Command boss Gen. Joseph L. Votel.

But first, backlash against Tarek Amer’s Friday interview: MP Enas Abdel Halim requested a probe into CBE Governor Tarek Amer’s statement during a televised interview on Friday that his previous claim that the USD could fall to EGP 4 was meant as “a joke,” she tells Yahduth fi Masr’s Sherif Amer. Abdel Halim is claiming that Amer’s statement on Friday was the direct cause behind the rapid depreciation of the EGP on the parallel market, and resulted in a loss of trust in the CBE’s ability to manage Egypt’s economic recovery.

Amer (the talkshow host, not the CBE governor) interviewed Boris, who came armed with plenty of platitudes and little substance. On the issue of tourism, Johnson could only muster enough to say that the UK is working diligently with Egypt to make certain it’s safe to bring flights back to Sharm El Sheikh. No dates, or specific procedures were mentioned. He really laid it in thick, by talking about how he loved Sharm El Sheikh, and added that 200K UK tourists arrived in Egypt in 2016. We’d like to thank Mr. Johnson for the lovely remarks, but what we need is a crystal clear policy direction and timeline, not a Lonely Planet review.

On terrorism, Johnson relayed his government’s support to Egypt and stating that the UK government concurs with the El Sisi administration on its strategy to combat terrorism.

Meanwhile, CENTCOM Commander Joseph L. Votel made an appearance on Hona Al Asema,where recapped his discussions on expanding US military aid with President Abdel Fattah El Sisi and Defense Minister Sedki Sobhi (watch, runtime: 12:56). Votel had made an earlier appearance on Nile News where he said that the US has resumed providing Egypt with military aid that was suspended in 2013, and that bilateral military relations have returned to their levels prior to the Obama administration (watch, runtime 9:14).

Lamees Al Hadidi then went on to grumble about prices. Federation of Chambers of Commerce member Alaa Ezz says the VAT and rising tariffs are why prices aren’t coming down. White goods retailer Mahmoud Khattab said prices haven’t dropped because the fundamentals of the EGP’s appreciation remain in question. Meanwhile, Juhayna CEO Seif Thabet said that as long as the food industry imports 60% of its production inputs, prices won’t be coming down (watch, runtime: 25:06).

Kol Youm’s Amr Adib was flabbergasted that the parallel market is still a thing (watch, runtime: 8:15). Commenting on Secretary Johnson’s visit, Adib said the trip was the UK’s way of showing us it wants to turn over a new leaf after letting us down numerous times on tourism (watch, runtime: 1:04).

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