The International Monetary Fund will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month, a senior IMF official said on Monday.
The IMF's executive board on Friday approved a 46-month, $3 billion financial support package for Egypt, saying it included a "permanent shift to a flexible exchange rate regime".
When a staff level agreement for the IMF's Extended Fund Facility was announced in October, Egypt said it would phase out the requirement by the end of December. The pound was allowed to fall sharply from 19.7 pounds to the dollar, but since early November has weakened much more gradually to 24.7. Demand for dollars might be softened by a weaker pound, she said. "If I wanted to import something at 19.7 and the exchange rate is now 24.7, that's a significant change in my costs."
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