He expressed that the reform programme will help Egypt restore macroeconomic stability while promoting sustainable growth. The Central Bank of Egypt (CBE) decided to float the local currency, moving it from EGP 8.88 to the US dollar to almost EGP 18. “We consider the current foreign exchange rate to be the real market value, representing the value that people are willing to buy and sell with. In regards to the condition of the second tranche of the loan, Jarvis said that the IMF will visit Egypt by the end of February to evaluate the progress achieved before releasing the second tranche in April. He added that although they do not yet have the exact numbers, the initial reports indicate that Egypt has met the benchmarks set by the IMF for the second tranche.

Source: Daily News Egypt January 18, 2017 17:37 UTC