Investors await Eqypt's exchange rate policy

Domestic and foreign investors in Egypt are waiting for some sign from the monetary authorities on a new exchange rate policy nearly two months after the country abandoned a long-standing fixed peg against the dollar.

The Egyptian pound had been held against the dollar in a narrow band of 3.30-3.40 Egyptian pounds to the dollar since 1991. The government relied on a combination of import-curbing measures and reserve intervention in the foreign exchange markets to keep the pound within that ra

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