Banks exchange offices compete to lure customers

The International Monetary Fund (IMF) hailed the Egyptian government's recent measures taken to address the foreign exchange market, affirming that they will boost the competitiveness of Egypt's economy and raise exports and the country's rate of growth.

A statement released Tuesday by the IMF said devaluation the Egyptian pound by 6.5 % against dollar and increasing the up and down margin will provide extra flexibility to the Egyptian economy in a way that will keep pace with the current economic circumstances.

The government asked the state-owned companies to transfer their deposits in dollar to the Central Bank of Egypt in return for Egyptian pounds instead, to support to the new exchange rate. It promised to supply them with their needs of dollars especially the maritime transport companies.

The government plans to set up a specialized department at every bank in charge of dealing with the liquidity crisis, exchange rates and loans given to stumbling businessmen.

The rate witnessed a stable condition and stood at L.E. 4.23 (buy) and L.E. 4.24 (sell).