When Egypt agreed a $3bn, 46-month financial support package with the IMF back in December, it vowed to adopt a flexible exchange rate regime, a key demand by the global lender to disburse the money over several tranches.
However, that commitment has not materialised so far, with the most populous Arab nation maintaining the exchange rate at LE30.90 per dollar since January, even though it trades at about LE37 per dollar on the black market.