NO. 38


Financial and Banking News

Economic Policy

Egyptian Financial Markets Ponder Devaluation

For the first time since freeing the exchange rate in October 1991 theEgyptian authorities are under serious pressure to devalue their currency. Thepressure is coming mainly from the IMF, which sees a devaluation as a precondition for improved export performance, but it is being stoked by localspeculation that readjustment is inevitable - even if not desirable - to takeaccount of...