First Deputy Managing Director of the International Monetary Fund (IMF), Anne Krueger, issued the following statement after the Arab Republic of Egypt's decision to adopt a floating currency regime:
"The IMF welcomes the decision of the Egyptian authorities to adopt a fully flexible exchange rate regime. Such flexibility is important for the continuing efforts of the authorities to introduce structural reforms to promote economic efficiency and to stimulate trade and investment. It will help to create the necessary climate for promoting sustainable economic growth.”
"Management and staff of the IMF look forward to continuing our close working relationship with the Egyptian authorities, and remain supportive of Egypt's commitment to market-based reforms," she added.
The Egyptian government decided to liberalize its exchange rate policy and allow the local pound currency to float freely, Prime Minister Atef Ebeid stated Tuesday, January 28, at an Economist conference in Cairo. On the first day of abandoning the ‘managed peg’ system, the pound plunged 15 percent, to match black market rates. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
