Egypt floats its currency and agrees with the ... - Associated Press News
WEBMar 6, 2024 · The flotation of the Egyptian pound, combined with a sharp raise of the main interest rate, is meant to combat inflationary waves and attract foreign investment. The measures, announced by the Central Bank of Egypt early Wednesday, were among the key demands of the IMF to increase its $3 billion bailout loan that both parties agreed to in 2022.
Egypt secures IMF deal after pound plunge, bumper rate hike
WEBCAIRO/DUBAI, March 6 (Reuters) - Egypt secured an expanded $8 billion deal on Wednesday with the International Monetary Fund, hours after the central bank unshackled its currency and...
Egyptian pound steadies after devaluation, IMF deal | Reuters
WEBMar 8, 2024 · CAIRO, March 7 (Reuters) - Egyptian officials said they expected more inflows and the pound held steady on Thursday, a day after the central bank announced a shift to a more flexible exchange...
Egypt secures $8bn IMF deal after removing currency controls
WEBMar 6, 2024 · Egypt secured a deal to more than double its IMF bailout to $8bn after the country allowed its currency to drop to a record low against the US dollar, unlocking support to avert its worst...
Egypt’s pound sinks to new low in biggest fall since October …
WEBJan 4, 2023 · Egypt’s pound plunged on Wednesday to a record low, in the latest sign of the country’s severe foreign currency crunch two months after Cairo agreed a $3bn rescue loan from the IMF.
Egypt’s Devaluation and Record Rate Hike Put IMF Deal in Reach
WEBMar 6, 2024 · Egypt delivered its biggest-ever interest-rate hike and allowed its currency to weaken more than 38% in a long-awaited devaluation that may pave the way for billions more in loans from the ...
Egyptian Pound Tumbles After Country Hikes Rates, Says …
WEBMar 6, 2024 · Egypt's currency plunged against the U.S. dollar after the country hiked interest rates and said it would let its currency float freely.
Egypt finalises $8 billion deal with IMF after currency hits record low
WEBMar 6, 2024 · Egypt has finalised a deal with the International Monetary Fund to receive $8 billion in loans, Prime Minister Mostafa Madbouly announced on Wednesday. It came hours after the Central Bank of Egypt increased interest rates and allowed the local currency to freely float with no interventions from the state.
Egypt's pound hits new lows after shift to more flexible forex …
WEBJan 11, 2023 · Egypt's pound weakened by more than 13% to a new low below 32 to the U.S. dollar on Wednesday as the central bank moved to a more flexible exchange rate under the terms of an International...
Egypt’s pound plunges to new low as authorities try to stem …
WEBJan 11, 2023 · Egypt allowed its pound to tumble to a new low on Wednesday as the country struggles with a foreign currency crisis that is choking businesses. The pound plunged as much as 14 per cent to...