CAIRO - 3 May 2023: Egypt is serious about implementing a flexible exchange rate system, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), Jihad Azour, said Wednesday. “There is strong cooperation between the Fund's team and the Egyptian authorities, and the government is serious about this,” Azour added in his statements. Egypt has halved the value of the pound against the dollar since March 2022, and analysts expect another devaluation this year. Egypt recently established a "pre-IPO" fund, which aims to restructure some state-owned assets and prepare them for offering in the market. The Egyptian economy has been able to face major shocks,” according to Jihad Azour.
