Egypt to stick to flexible foreign exchange rate regime amid economic turmoil
To:
Al-Monitor Pro Members
From:
Marc Español
Freelance journalist covering Egypt and Sudan
Date:
Nov. 4, 2022
Bottom Line:
Egypt moved on Oct. 27 to a liberalized exchange rate regime as it struggles to weather volatility in the global economy. The local currency has since plunged to record lows against the dollar, and in the short term it will import additional inflation. But the measure aims to restore investor confidence, rebuild foreign reserves and boost exports.