Central Bank of Egypt devalues currency

Central Bank of Egypt. Photo: Muhammad Mansour

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 "flexibi