Egypt takes new steps to halt economy's downward slide

egyptian money

The Egyptian authorities today unveiled details of their efforts to restore confidence in the rapidly deteriorating Egyptian economy, with the Central Bank of Egypt tightening FX rules and the government saying a new reform package is nearly complete.

Beginning February 4, the central bank said it had started enforcing two new rules as part of its efforts to halt the depreciation of the Egyptian pound. The central bank will now only allow the FX rate in the interbank market to move by a maximum

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