{
  "title": "Estimating Egypt’s Equilibrium Real Exchange Rate",
  "publication": "IMF Working Papers, January 1, 1998",
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  "summary": "In light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth, questions of external competitiveness and exchange rate policy have arisen.",
  "sections": [
    {
      "heading": "Summary and principal findings",
      "content": "- Purpose: Estimate empirically Egypt’s equilibrium real exchange rate—the rate consistent with fundamentals—in light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth.\n- Main findings:\n  - The real exchange rate was substantially overvalued before 1993.\n  - Today it is only moderately above the equilibrium rate.\n  - The recent appreciation of the pound does not indicate a worsening misalignment."
    },
    {
      "heading": "Context and policy relevance",
      "content": "- Issues addressed:\n  - External competitiveness.\n  - Exchange rate policy.\n- Relevant subject areas: Current account; Exchange rate arrangements; Exchange rates; Real effective exchange rates; Real exchange rates.\n- Keywords preserved from the source: administered exchange rates; equilibrium exchange rate; monetary policy; terms of trade; U.S. dollar; WP.\n\n---\n\n Content in this bundle\n\n- Estmating Egypt's Equilibrium Real Exchange Rate - WP/98/5\n  - Estmating Egypt's Equilibrium Real Exchange Rate - WP/98/5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Estmating Egypt's Equilibrium Real Exchange Rate - WP/98/5 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/estimating-egypts-equilibrium-real-exchange-rate-2469"
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    "[Markdown version](/en/publications/wp/issues/2016/12/30/estimating-egypts-equilibrium-real-exchange-rate-2469/index.md)",
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    "Authors: Joannes Mongardini",
    "Published: January 1, 1998",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451842159.001",
    "Purpose: Estimate empirically Egypt’s equilibrium real exchange rate—the rate consistent with fundamentals—in light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth.",
    "Main findings:",
    "Issues addressed:",
    "Relevant subject areas: Current account; Exchange rate arrangements; Exchange rates; Real effective exchange rates; Real exchange rates.",
    "Keywords preserved from the source: administered exchange rates; equilibrium exchange rate; monetary policy; terms of trade; U.S. dollar; WP.",
    "**Estmating Egypt's Equilibrium Real Exchange Rate - WP/98/5**"
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