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There isn’t many good reasons for the floatation in Egypt since it’s only making the country poor. I agree with the article, there are many negative things that has happened as mentioned in the article due to the floatation of the Egyptian currency. But, there are some good things that can happen behind the cause of the floatation. Since the the Egyptian currency value decreased, many people became poor. One good thing about this is, people will start working hard so that they will be able to sustain living their life. They will start making their own products. Therefore, they will start exporting to other countries and that way we will export too, instead of always importing. When Egypt exports, the currency will increase and have more value to it.

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the flotation of the Egyptian pound is a strategy used by the central bank of Egypt which consists of leaving the value of the Egyptian pound to be determined by the market.I think the future solution is to make the currency used for tourism and the Suez canal in Egyptian pounds because that will increase the value of the Egyptian pound and decrease the demand on the united states dollars, after they failed in returning the money of the bonds for the Egyptian people.However the flotation opens the door to foreign investors to invest in the country when the EGP value is very low. The Egyptian tourism will hopefully improve in the upcoming years after sinai is declared a terrorism free land. Last but not least the Egyptian new capital city shares should be raised up to 51 to 49 instead of the opposite that way they will be more attractive to foreign investors.

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The flotation of the Egyptian is a strategy built on a hope that the coming days were benefit the country. Egypt has been running desperately short of foreign currency. This makes it hard to sustain the economy, which relies on buying huge amounts of goods from abroad using that scarce foreign currency. It currently exports energy and wheat, but imports most other goods – in short, it buys much more than it sells. Some economists say that floating the currency will help to build up reserves of foreign currency by helping it to attract foreign investment. This would mean Egypt had enough cash to import staple items, putting an end to long food queues and shortages of basic goods.

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This article is explaining the floatation the caused so many problems in Egypt.
I totally agree with the first point which is the bigger gap that is happening between poor and rich individuals. Because all the wealthy people now a days are keeping their money in foreign currencies which from they invest more and more. On the contrary local poor people are becoming more poor from how the Egyptian pound their local currency is floating. This brings us to our next point which is how the floatation that is happening is increasing the price of the imported and exported products which again affects all the poor people. In addition to how after the floating of the Egyptian pound, it has become clear that the 1.1 million Egyptian citizens who rushed to buy investment bonds in the Suez Canal have been swindled. Suez Canal bank is bank that has an annual interest rate on the investment, and the original capital should be refunded after five years (2019). The 64bn Egyptian pounds were worth $9bn in 2014. Today, they are worth less than $4bn I remember that when this bank opened more than 1 million Egyptians went to invest because of how the and now these people won't gain anything anymore.
Postive incomes
There might be some pros from the floatation of the Egyptian Pound that can help Egypt. The population of Egypt is increasing at a significant rate, therefore the floatation of the Egyptian Pound can reduce the population because people will be having a hard time financing huge families .In addition to how Egypt will start making its own products that can be exported and make income, instead importuning and exporting from the world.In addition to how the inflammation rate will get reduced and there won't be any taxes or tariffs on imported goods

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The Article is negative, but some it also states some logical info. The article is negative by saying that flotation was no solution to the crisis. One day, this had to happen, the Egyptian Pound had to be floated. The middle class will be the most to be affected by the flotation though. High class citizens will get a raise, while the middle class will stay the same or even lose there jobs so the rich class can get their raise.

First, the decision of floating the pound has pushed the door open for the Egyptian market for investments. Moreover, The United States of America lifted the warning over Egypt, after the flotation. Also The IMF are giving Egypt money.

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I think this article is some how saying the truth. But personally I agree to what this article is saying about the flotation of the Egyptian Pound. If this flotation happened, a lot of negative things will happen, like 1) Egyptians will either be rich or poor, and that is no way near fair to the middle class people, and it will cause the increase of poverty in Egypt. 2) Also some people might lose their jobs, because the owner of the company might think that he is running out of money, so he will have to either fire people, or close the whole company.Although there are negative aspects, we can still find the good in it like, 1) It will decrease the population in Egypt, because people would find it hard to spend money on their children, so instead of people having 3-4 children, now they will have 1-2 children. 2) Also, to get money into the country, Egypt might now start creating their own product, and exporting them to other countries, and that will bring money to the country, also it will lead to the rise of the Egyptian Pound. 3) As mentioned that if Egypt started exporting their products, and the other countries liked that specific product, it will increase the amount to exporting in Egypt, and that will lead to the increase of the Egyptian pound. 4) Another positive aspect of that flotation, is the decrease inflation rate, and that is good because there will no tariffs on the imports, and when this happens the prices of the goods and services will decrease, so it will be make these services and goods more available to the majority, so when that also happens the poverty rate will decrease and it will be much easier for these people to find jobs.

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I think that this article is not completely accurate but there are some true factors to it. I agree to this article because if the flotation happened a lot of negative assets will occur, also the inflation rate will increase and this will make the poverty line much bigger and there will be no more middle class, it will either be rich or poor. Also, a lot of people will lose their jobs because they will be too poor to work, although the flotation of the pound is a very bad thing and it will hurt the economy and the people a lot, there are some positive aspects to it. One thing mentioned in the article was that if the government float the pound it will increase the prices of imports from 200% to 300%, this is not completely negative, because if the prices of the imports increase, it will encourage the government to make their own products from the resources that are within the country, and export it abroad. This will bring foreign currency in the country which can then be used to make it much better.

Another positive aspect is that when they stop importing goods from other countries, the inflation rate will decrease because there will be no tariffs on the imports. When the inflation rate decreases the prices of the goods and services will decrease, therefore making them available to the majority. When this happens it will affect the poverty rate of the country, because it will be much easier to find jobs which will then decrease the unemployment rate of the country. When the poverty rate decreases the gap between rich and poor will decrease as well.

The third positive thing from the flotation is that the population will decrease, and this will be great to the poor people because they will have less kids to spend money on. When the population decreases there will be much more space in the country.

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What is your opinion of this piece? Do you agree or disagree? Can you find FOUR reasons why the flotation of the Pound is a GOOD thing?

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The Central Bank in Egypt had no choice earlier this month but to float the Egyptian pound and leave its value to be determined by the market.

This drastic choice became necessary because the Central Bank reserves no longer contained enough foreign currency and gold to support the local currency, nor enough to meet the increasing demand for the US dollar.

In just a matter of hours, Egyptians lost over 65 percent of the value of their money

The supply of hard currency had also decreased as a result of the deficit in Egypt's trading budgets and the collapse of the tourism sector.

Floating the currency, a key demand made by the IMF to loan Egypt $12bn, is supposed to help build up reserves of foreign currency to attract foreign investment and give Egypt enough cash to import key staple items, like food and fuel.

The reasons behind the pound's collapse are, of course, well known. The much more important question is what crises will follow the pound's collapse and how much Egyptians will be affected by the flotation?

On 3 November, the first day the pound was floated, its official exchange rate against foreign currencies decreased by 65 percent. At time of publication two weeks later the Egyptian pound had fallen to 17.54 to the dollar, down from 8.78 to the dollar just before the float.

In just a matter of hours, Egyptians lost over 65 percent of the value of their money. In other words, someone with 1,000 Egyptian pounds, which was worth around $112 (based on the official market prices) before the flotation now has only $55 worth.

So today, Egyptians see their money evaporating in their pockets, but how bad will it get? Here are four unfolding scenarios that are a direct result of the collapse of the exchange rate and the subsequent flotation:

Bigger gap between rich and poor

The pound's collapse will lead to a large increase in inflation in Egypt, which means an increase in the unequal distribution of wealth among its people.

Wealthy people and businessmen who keep their money in foreign currency will see their financial assets increase while the poor will become poorer and the middle class will fall below the poverty line. Egypt will witness the purchasing power of its very poorest being eaten away.

Insane price rise

The decrease in the value of the pound by 65 percent does not mean that prices will increase proportionally. In fact, the price of a number of basic products and imported goods will increase by 200 to 300 percent.

As a result, millions of local workers will slip into severe financial and economic hardship as there are no companies, institutions or public or private bodies that can raise its employees' wages to match the rise in prices.

Wealthy people and businessmen who keep their money in foreign currency will see their financial assets increase while the poor will become poorer and the middle class will fall below the poverty line

Raid on savings: Most importantly, the decision to float the pound will have a huge impact on Egyptians' money and savings in local currency. The Central Bank raised the interest rates on the pound by only 5 percent.

The 5 percent rise in interest rates on deposits will be paid a year from now while the bank account holders have lost 65 percent of their money's value in one day. The government effectively confiscated 65 percent of people's money in one day and then compensated them with 5 percent distributed over a whole year!

The Suez Canal investment was a swindle

After the floating of the Egyptian pound, it has become clear that the 1.1 million Egyptian citizens who rushed to buy investment bonds in the Suez Canal have been swindled.

They paid the government 64bn Egyptian pounds, on the basis that the annual interest rate on the investment bond in the Suez Canal was only 12 percent, and the original capital should be refunded after five years (2019). The 64bn Egyptian pounds were worth $9bn in 2014. Today, they are worth less than $4bn.

In addition to the fall in the exchange rate, the annual interest on the investment bonds in the Suez Canal is 12 percent while the interest rates on a traditional bank bond in Egyptian pounds exceeds 15 percent.

The 1.1 million Egyptian citizens who rushed to buy investment bonds in the Suez Canal have been swindled

Thus, these investment bonds are seeing their value decrease and evaporate, bringing their holders a definite loss. Consequently, 1.1 million Egyptians have seen their money vanish in this bad investment.

It is necessary to clarify here that the problem with the Suez Canal investment bonds is that they differ from traditional bonds issued by governments in different countries across the world.

The Suez Canal bond cannot be circulated, sold or transferred, which means the bondholder must wait five years to regain his original investment. During those five years, the bond makes 12 percent annually in interest.

Thus, investing 100 Egyptian pounds will give a return of 160 pounds after five years whereas in reality the bondholder paid $14 in 2014 and will get back only $10 five years later!

Float is no solution to crisis

To conclude, the floating of the Egyptian pound is merely a desperate attempt to be seen to be taking action. It is not a solution for Egypt's economic crisis.

The coming crises will be even more intense as the prices of food, fuel and services will rise at dizzying rates and the population's economic condition will deteriorate.

Egyptians will witness the pound's purchasing power deteriorate and millions of Egyptians will fall below the poverty line while money, savings and local investments will gradually evaporate.

Those who clamoured to invest in the Suez Canal in 2014 today face the loss of their capital and profits at the same time. For those 1.1 million Egyptians, the interest rates on savings accounts and bank bonds - though in no way commensurate to the massive exchange rate losses they have now suffered - are better than the profits from the investment bonds they hold.
Image: An employee counts banknotes at currency exchange shop in the Egyptian capital Cairo on November 3, 2016. Egypt floated the country's pound as part of a raft of reforms, after a dollar crunch and exorbitant black market trade threatened to grind some imports to a halt. (AFP)

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Egypt economic crisis: Four ways currency flotation will cause more problems than it solves

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The Central Bank in Egypt had no choice earlier this month but to float the Egyptian pound and leave its value to be determined by the market. This drastic choice became necessary because the Central Bank reserves no longer contained enough foreign currency and gold to support the local currency, nor enough to meet the increasing demand for the US dollar.