Answering a question about the recent Egyptian currency devaluation, the Egyptian Minister of Supplies and Internal Commerce, Hassan Khadhr, said that the devaluation is necessary and essential to stimulate Egyptian export movement, which is a main economic goal for the government, reported Al-Sharq Al-Awsat . Khadhr added that Egypt was not the sole country to recently devalue its currency. For instance, an International Monetary Fund (IMF) report shows that 28 countries throughout the globe have recently devalued their currencies. Out of these 28 states, Egypt had the lowest devaluation rate. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
