Mena region leans on exchange rates to weather pandemic

Interest rates on paper

Central banks in the Middle East and North Africa region have resorted to foreign exchange interventions more than any other region during the pandemic, according to new data from the International Monetary Fund.

Data from the fund’s latest Mena report shows several countries in the region, including Morocco and Pakistan, allowed the exchange rate to work as a “shock absorber” over the last few months.

But in nine countries, this had been accompanied with foreign exchange interventions. “[This

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