IMF Chief: Multiple Exchange Rates in Egypt are “Disastrous”

The International Monetary Fund’s (IMF) Director, Kristalina Georgieva, expressed concerns about Egypt’s multiple exchange rate system, according to an interview with Al Arabiya Business on Sunday, 11 February.

At the Arab Fiscal Forum in Dubai, Georgieva criticized Egypt’s use of multiple exchange rates, calling them detrimental and urging the country to adopt a market-based system for determining currency exchange.

Amid external shocks impacting Egypt’s economy, the IMF and Egypt are nearing a loan agreement following productive discussions in Cairo, according to Georgieva. This comes as the Fund undertakes crucial reviews with Egypt and collaborates with other parties to fulfill the country’s growing financial needs.