21.10.2016 - Investors put off by Egypt’s tight control of currency
The IMF has expressed concern that if Egypt continues to control the exchange rate of the pound, bottlenecks in the economy that have been building up due to a scarcity of foreign currencies will only increase and scare away much-needed investment to help revive growth. "The Egyptians have been saying that they want to move to a [monetary policy] model that is determined by supply and ­demand," said Masood Ahmed, the regional head of the IMF, as the fund released its latest assessment of the region ­yesterday. "We are basically keen to support moving to that objective and most observers agree that staying with the current model would create an increasing bottleneck in the economy."..........................................Full Article: Source
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