Chairman of the Federation of Egyptian Industries (FEI) Mohamed El Sewedy hailed on Thursday the Central Bank of Egypt’s decision to float the Egyptian pound.

In exclusive statements to MENA, he said the decision will promote industry and investment and will also create a balance between industry and exported products.

The decision will regulate market as regards foreign currency trading and will strike the black market especially that the banks can now operate under the free market mechanisms, he said.

Sewedy added that the decision will also contribute to creating more job opportunities that will encourage exports and foreign investments in Egypt.