IMF welcomes Egypt's effort to safeguard reserves

IMF welcomes Egypt's effort to safeguard reserves

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Mon, 31/12/2012 - 19:48

The International Monetary Fund said Monday that it welcomed steps Egypt has taken to stop a drain on its international reserves, which have allowed the Egyptian pound to hit record lows.

"We welcome the measures taken by the Central Bank of Egypt to ensure that the country will continue to maintain a level of international reserves that can support its international trade and payments," an IMF spokesperson said. "IMF staff is in close contact with the authorities and we remain strongly committed to supporting Egypt."