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| Africa North |
| Dramatic slide of Egypt's currency continues |
| 2023-01-12 |
| [AFRICANEWS] Egypt's pound reached a new low of about 30 pounds to the US Dollar on Wednesday (Jan. 11) as the central bank moved to a more flexible exchange rate under the terms of an IMF financial support package. The IMF Mission Chief for Egypt reaffirmed the fund’s resolve to back Cairo’s economic reforms and efforts to tame inflation. Ivanna Vladkova Hollar spoke during a news conference in Washington, DC (USA). "Exchange rate and monetary policies will be focused on a permanent shift to a flexible exchange rate regime that would help absorb external shocks and rebuild reserves while gradually reducing inflation," she insisted. "Continued fiscal discipline and fiscal structural policies aim to maintain market confidence and ensure the downward trajectory of the debt to GDP ratio, while strengthening the budgetary process, increasing transparency and improving the budget composition so as to allow for an expansion in social spending." In December, the International Monetary Fund approved a $3 billion loan for Egypt in exchange for a number of economic reforms. |
| Posted by:Fred |