Reform or De-Industrialization
ANNEX I Table AI.1 Development of the exchange rate system and exchange rates 1945–97 LE/US$ 0.242 0.348 0.435 0.391 Remarks Egyptian pound pegged to pound sterling Following devaluation of pound sterling by 30.5 per cent in 1949 1962 devaluation according to stabilization programme Following the second devaluation of the American dollar by 10 per cent in 1972. The pound followed the dollar in the ﬁrst devaluation by 7 per cent in the same year Establishment of the parallel market rate Devaluation and uniﬁcation of exchange rate Return to multiple rates: (a) Central Bank Pool* = LE 0.70/US$; ﬁxed (b) Commercial Banks’ Pool** = LE 0.80– 0.84/US$; adjustable (c) Accounting exchange rate for clearing accounts and payments agreements with non-IMF members ﬁxed at 0.391 (d) Transactions outside authorized banks (black market) Devaluation and uniﬁcation of the exchange rate; pegging to the American dollar Year 1945–49 1949 1962 1972 1973 1979 1981 0.391 0.700 1991–97 Notes: * Central Bank Pool: Receipts: Exports of cotton, rice, petroleum plus Suez Canal and Sumed dues. Payments: Imports of wheat, wheat ﬂour, sugar, tea, edible oil, fertilizers, including shipping and other related charges, plus public debt service and government expenditure abroad. ** Commercial Bank Pool: All items of receipts and payments other than those under Central Bank Pool. 167 ANNEX II Table AII.1 Authorized Banks’ Pool Parallel marketa Declaredb Premium Flexibleb Black market 0.588 0.637 0.667 0.700 0.700 0.700 0.700 0.832 0.832 0.832 0.832 0.832 0.832 1.288d 1.329 1.362 1.764e 0.730 0.741 0.769 0.746 0.746...
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