The Egyptian government received widespread praise for its
decision to float the pound in January after 12 years of keeping it
pegged to the dollar. But after less than two months of a dirty
float the government imposed draconian capital controls.
Prime minister Atef Obeid issued a decree on March 24 forcing
exporters to convert 75% of foreign exchange revenues to Egyptian
pounds in a bid to improve dollar liquidity in the official market
which has been undermined by a parallel market that persisted
despite the floating of the currency.
The move is a blow to the credibility of the
government's commitment to reforming the economy. It took
analysts by...
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