Source: The Tahrir Institute For Middle East Policy
Author(s): Timothy E. Kaldas
Tarek Amer, the governor of the Central Bank of Egypt (CBE), announced in July that Egypt’s longstanding policy of defending the Egyptian pound (LE) against devaluation had been a “grave error.” The strategy had slowly whittled away Egypt’s foreign reserves to no discernible benefit to the economy, causing shortages of dollars in the formal economy and a host of related problems. Some form of devaluation was among the reforms demanded in exchange for a loan from the International Monetary Fund, the preliminary agreement for which was reached in September…
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