CBE to adopt more flexible policy on foreign exchange rate

The Central Bank of Egypt (CBE) announced that it will adopt a more flexible policy within the upcoming period related to the foreign exchange rate to reflect the real value of the local currency. 

In a statement Monday received by MENA, the CBE said that this policy aims to promote prospects of luring investments. 

The CBE devalued the pound by about 15 percent on Monday morning to reach 8.85 pounds in an exceptional tender that stands at 200 million dollars against 7.73 pounds. 

The CBE expected these decisions to reflect the real value of the local currency in a short period. 

The CBE also said that it aims to lure the foreign investment after restoring the competitive capabilities of the national economy. 

This measure will contribute to providing goods in the local market in order to secure the citizens' needs, added the CBE. 

Upon directives issued by President Abdel Fattah El Sisi to CBE Governor Tarek Amer, the CBE said that necessary measures are taken to attain monetary stability in order to provide the required climate for economic development and create job opportunities. 

The CBE has taken over the past period confronting several challenges by taking a number of important decisions in order to restore confidence to the economy and ensure providing basic commodities.