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Cairo floats the pound to widespread applause: free market exchange rate set to boost foreign investment. (Economy).

Publication: Meed Middle East Economic Digest
Publication Date: 31-JAN-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
(Egypt)

Prime Minister Atef Obeid has announced the full liberalisation of the Egyptian currency exchange rate. "AS of 29 January there is a free market where the rate is set by the market and banks will take care of the transactions," he said. The decision has been welcomed by local and international financial institutions alike. "We are very encouraged by this decision," the head of the IMF in Egypt, Nadeem al-Haque, told MEED on 29 January. "The economy is already reasonably liberalised, but this will certainly help things further. On balance, it is a very positive step."

Despite potential short-term inflationary...

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