24
Feb
15:08
Pound floatation seen bringing Egypt foreign currency, FDI
The floating of the pound last November will lead to an inflow of foreign currency and foreign direct investment (FDI) into Egypt, as well as increased economic activity, according to PricewaterhouseCoopers. However, investors will start coming only once the pound/dollar rate has stabilised.
Following the float the International Monetary Fund approved a $12 billion loan for Egypt, of which $2.7 billion has been released. A second tranche will soon follow. The po…
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