Author(s): Mohamed Ramadan and Sara Seif Eddin
When asked how Egypt’s currency flotation boosted exports, Mahmoud Sarag, the chairman of the Leather Export Council put it this way: “We import the buttons. We import the zippers. And then we cheer when we export the ready-to-wear shirt.”
Three years ago, on November 3, 2016, Central Bank Governor Tarek Amer announced the liberalization of the exchange rate. The decision was expected, especially after the boom in dollar circulation on the black market. The decision was just one in a series of austerity measures in an economic reform program set forth by the government’s loan agreement with the International Monetary Fund.
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