Egyptian currency plunges amid move to flexible exchange rate
The Egyptian pound fell sharply this week as the central bank allowed the exchange rate to move more flexibly, a key condition of an International Monetary Fund loan.
The pound was down 9.1% against the dollar today (January 11), relative to a week earlier. Over the past year, it has shed nearly 45% of its value, mostly through a series of large devaluations orchestrated by the Central Bank of Egypt (CBE). It is unclear whether the central bank has fully stepped back from the foreign exchange
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