IMF says welcomes Egypt’s currency float

CAIRO: The International Monetary Fund (IMF) has welcomed Egypt’s decision to float its pound currency on Thursday, it said in a statement, adding that the decision would boost competitiveness and attract foreign investment. “We welcome the Central Bank of Egypt’s decision to liberalise the foreign exchange system and adopt a flexible exchange rate regime,” said IMF Mission Chief for Egypt Chris Jarvis in a statement. “This will make more foreign exchange available. The flexible exchange rate regime, where the exchange rate is determined by market forces, will improve Egypt’s external competitiveness, support exports and tourism and attract foreign investment.”