Tariq Amer، Governor of Central Bank of Egypt، said that the local economic situation has urges the monetary authorities free the pound against the foreign currencies.
He added that this step was followed by another correcting measures at monetary and financial levels to complete government’s program.
Amer revealed on the sidelines of the 41th meeting of Society of the African Central Banks held at Sharm El Sheikh، a Red Sea resort، that Egypt has suffered from severe shortage of liquidity to provide drugs.
The CBE has intervened to find solution to that crisis.
Ame affirmed that negotiations with the International Monetary Fund ( IMF) were tough and complicated.
He assured that negotiations were not optional any more.