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Egypts pound docHubed new level of nearly 30 pounds to the US dollar on Wednesday as the Central Bank moved to more flexible exchange rate under the terms of an IMF financial support package speaking from Washington Tuesday the IMF Mission chief for Egypt reaffirmed the funds resolved to back cairos economic reforms and efforts to tame inflation exchange rate and monetary policies will be focused on a permanent shift to a flexible exchange rate regime that would help absorb external shocks and rebuild reserves while gradually reducing inflation second continued fiscal discipline and fiscal structural policies aimed to maintain Market confidence and ensure the downward trajectory of the debt to GDP ratio while strengthening the budgetary process increasing transparency and improving the budget composition so as to allow for an expansion in Social spending in December the international monetary fund approved a 3 billion loan for Egypt in exchange for a number of economic reforms most of
