Press Release: IMF Welcomes Arab Republic of Egypt's Decision to Adopt a Floating Exchange Rate Regime
IMF News, January 30, 2003
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- Press Release: IMF Welcomes Arab Republic of Egypt's Decision to Adopt a Floating Exchange Rate Regime
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Bibliographic details
- Published: January 30, 2003
Press release metadata
- Press Release No. 03/12
- January 30, 2003
Announcement
- The IMF welcomed the decision of the Egyptian authorities to adopt a fully flexible exchange rate regime.
- Statement issued by Ms. Anne Krueger, First Deputy Managing Director of the International Monetary Fund (IMF).
Rationale and expected effects (as stated by the IMF)
- "Such flexibility is important for the continuing efforts of the authorities to introduce structural reforms to promote economic efficiency and to stimulate trade and investment."
- "It will help to create the necessary climate for promoting sustainable economic growth."
IMF stance and policy support
- "Management and staff of the IMF look forward to continuing our close working relationship with the Egyptian authorities, and remain supportive of Egypt's commitment to market-based reforms."
Source: Press Release No. 03/12, January 30, 2003, International Monetary Fund.