Friday, November 4, 2016

Egypt Devalues Its Currency By 48% To Obtain An IMF Loan

BBC: Egypt allows its currency to float freely

Egypt has floated its currency in a move that has reduced its value by almost 50% against the dollar.

One US dollar is buying around 14 Egyptian pounds, up from the nine Egyptian pounds the central bank was trying to keep it at.

The country's central bank said the move was one of a list of reforms designed to strengthen confidence in the economy.

Egypt's main stock index jumped by more than 8% on Thursday.

The central bank has also increased interest rates by 3 percentage points to 14.75%.

Read more ....

More News On Egypt Devaluing Its Currency

Egypt devalues currency by 48% to meet IMF demands for $12bn loan -- The Guardian/AP
Egypt Floats Currency, Appeasing IMF at Risk of Enraging Poor -- New York Times
Egypt raises energy prices hours after floating currency -- Financial Times
Egypt Defends IMF Deal Measures as Households Worry About Costs -- Bloomberg
From float to subsidy cuts, Egypt says no time to delay reforms -- Reuters
Egypt Floats Its Currency, Paving Way For An International Bailout -- NPR
Egypt just massively devalued its currency — here's what happens next -- Elena Holodny, Business Insider
Egypt tiptoes toward a 'breaking point' -- Taylor Luck, CSM

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