Egypt's hard currency shortage resolved by pound liberalization
IMF
Washington - Egypt Today
The International Monetary Fund (IMF) said after Egypt's flotation of the pound, foreign exchange shortages and the parallel market were eliminated. The depreciation of the exchange rate reflected the prevailing foreign exchange shortages, but after the flotation, Egypt's foreign currency reserve reached dlrs 36 billion this year.
Responding on the journalists' questions on the IMF website on the review of Egypt's economic reform program by the fund's Executive Board, it said "the exchange rate is now determined by market forces of supply and demand. Egypt was able to rebuild its international reserves as confidence was restored and capital flowed in. Looking forward, the market determined exchange rate is critical in ensuring external competitiveness of the Egyptian economy, supporting exports and ultimately promoting stronger and job-rich growth."
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