November 3, 2016/IMF

In response to media queries, IMF Mission Chief for Egypt Chris Jarvis issued the following statement :

“We welcome the Central Bank of Egypt’s decision to liberalize the foreign exchange system and adopt a flexible exchange rate regime. Under the new system, the exchange rate will be one where people are prepared to sell foreign exchange as well as to buy it. This will make more foreign exchange available. The flexible exchange rate regime, where the exchange rate is determined by market forces, will improve Egypt’s external competitiveness, support exports and tourism and attract foreign investment. All of this will help foster growth, job creation and stronger external position for the country.”