IMF director says decision to liberalize exchange rate good for Egyptian economy
Wednesday، 31 January 2018 - 11:50 AM
Egypt has made a hard decision to liberalize the exchange rate, but it sure did the trick of increasing the country's reserves of foreign currency, says Christine Lagarde, the Managing Director of the International Monetary Fund (IMF).
The decision sure contributed to an increased flow of foreign direct investments, Lagarde told MENA at the end of a conference in Marrakesh, adding that the growth rate also upped.
She put the growth rate in Middle East and North Africa countries at 3.5 percent and in Egypt alone at more than 5 percent.