Egypt has devalued its currency by 48% and announced that it will be allowed to float – measures that meet a key demand by the International Monetary Fund in order to secure a $12bn (£9.6bn) loan over three years to overhaul its ailing economy.
The devaluation pegged the Egyptian pound at 13 to the dollar, up from nearly nine on the official market. A central bank auction of dollars will be held later on Thursday, allowing supply and demand to determine the value of the pound for the first time in decades. Continue reading “Egypt devalues currency by 48% to meet IMF demands for $12bn loan”
