Arab Republic of Egypt: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 179

Publication date: June 2005

ISBN: 9781451811858

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Economics- Macroeconomics , Public Finance , Industries - Energy , ISCR , CR , Egypt , output per worker , physical capital accumulation , debt , exchange rate , IMF staff estimate , balance of payments flow , foreign currency , government securities , CBE balance of payments , investment ratio , Consumer price indexes , Oil , Wholesale price indexes , Domestic debt , Africa , Middle East , North Africa , East Africa , Global

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Summary

This Selected Issues paper on the Arab Republic of Egypt examines the dynamic relationship between the nominal exchange rate and prices during Egypt’s exit from a managed exchange rate regime. The exit from the peg went through several phases, including a series of step devaluations between 2000 and 2002, a first attempt at a float in January 2003, and the successful transition to a unified, flexible exchange rate system in late-2004. From 2000 to 2004, the Egyptian pound experienced a cumulative depreciation of 68 percent against the U.S. dollar.