Arab Finance: The exchange rate of the Egyptian pound has fallen to its lowest level since its decline last March amid widespread selling in emerging markets. The pound is currently trading at 49.66 pounds for purchase, compared to 49.80 pounds for sale, according to the Central Bank of Egypt..
The decline of the local currency was accompanied by continued discussions between the International Monetary Fund and Egyptian officials about the extent of progress the government is making in meeting the reform goals included in an $8 billion loan package.
The International Monetary Fund mission to Egypt also reported that the Central Bank “He stressed his commitment to maintaining the flexible exchange rate regime“To protect the economy from external shocks, praising at the same time the major reforms that Egypt implemented to maintain overall economic stability.
He drew statement Issued by the Fund at the conclusion of the mission’s visit, led by Ivana Vladkova Hollar, to “significant progress” in discussions between the government and the Fund, towards completing the fourth review under the expanded $8 billion Egyptian economic support program, which was approved last March.
Completing this review allows for the disbursement of a $1.3 billion tranche of the Fund’s loan, which represents the largest among the various tranches, according to previous statements by an official at the international institution.
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