Egypt’s central bank unexpectedly floats the pound
Accordingly, the local currency is allowed to float freely at a rate of 13.00 per US dollar, plus or minus 10%, until the bank holds an auction at 1 p.m. local time. The bank also increased its key lending rates by 300 basis points, that is 3%.
Following the bank’s surprise move, the Egyptian pound reportedly dropped to records in the black market and depreciated to around 17.98 per dollar, narrowing the gap between the official and black market rates, according to Bloomberg.
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