IMF hails government's recent measures for foreign exchange market

The International Monetary Fund (IMF) hailed the Egyptian government's recent measures taken to address the foreign exchange market, affirming that they (measures) will boost the competitiveness of Egypt's economy and raise exports and the country's rate of growth. A statement released yesterday by the IMF said devaluation the Egyptian pound by 6.5 percent against dollar and increasing the up and down margin space will provide extra flexibility to the Egyptian economy in a way that will keep pace with the current economic circumstances.