Egypt’s currency float move to spur foreign investments: market regulator

Egypt’s move to freely float the local pound will contribute to support and boost non-banking financial activities, said market regulator chief on Thursday.

“A move to liberalise the foreign exchange system and adopt a flexible exchange rate regime is a vital step to increase influx of foreign investments and non-banking financial activities.” Sherif Samy – Chairman of the Egyptian Financial Supervisory Authority (EFSA) – told Amwal Al Ghad.

The move will positively contribute to the Egyptian economy as foreign currencies are now available to investors and therefore their financial activities are expected to grow in the coming period, Samy added.