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.
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