Egyptian Billionaire Sawiris Urges Swift Currency Devaluation to Ease Shortages
• Egyptian billionaire Naguib Sawiris criticized delays in enacting a long-awaited devaluation of the Egyptian pound • He suggested authorities match the spiraling black market rate to end Egypt's chronic foreign-currency shortage • Sawiris said postponing reforms is "a disaster that will increase the extent of the critical situation we are in" • He argued the pound should start from the black market rate and gradually appreciate if dollars are sold through official channels • Sawiris made a rare intervention on the currency issue, one of Egypt's hottest economic topics