The decision by the Egyptian Ministry of Finance to adjust the customs dollar exchange rate for non-essential goods, tying it to the Central Bank of Egypt’s dollar exchange rate will benefit the Egyptian economy on the whole, said Subir Lall, head of the International Monetary Fund’s mission to Egypt.
Lall announced that the decision will go a long way to improving the efficiency of resource allocation, including foreign direct investment.
He also said the impact on inflation rates made by the decision will be just a one off and will be limited.
