Central Bank of Egypt devalues currency
Egyptian pound falls 32% as central bank moves to align official and black market rates
The Egyptian pound fell sharply today (November 3) after the central bank launched a plan to align the black market and official exchange rates.
The pound fell 32% from the previous official rate of 8.8 to the dollar to a new level of 13 to the dollar. Egypt's president, Sherif Ismail, had signalled the central bank would take action when conditions were right, in remarks to parliament on October 31.
In a circular sent to banks today, the Central Bank of Egypt said it was looking to add
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com