Egypt – Strengthening of EGP will decrease prices
Wednesday, 07 05 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Abdel-Raouf Kotb, the chairman of the Insurance Federation of Egypt revealed that the strengthening of the Egyptian pound against the US dollar could help decrease insurance prices but this will happen in the medium term only if the Egyptian pound appreciation continues provided that hard currencies are available and the maximum conversion limit between currencies is removed by the central bank.
Moreover, Mr. Kotb said that insurance prices are linked to currency exchange rate given that insurance activities are related to reinsurance from international organizations.
Source: Dostor Newspaper