Egyptian currency lowers against dollar

Egypt has floated its currency in a
move that has reduced its value by
almost 50 per cent against the dollar.

One US dollar is buying around
14 Egyptian pounds, up from the
nine Egyptian pounds the central
bank was trying to keep it at.

The country’s Central Bank said
the move was one of a list of reforms
designed to strengthen confidence
in the economy.

Egypt’s main stock index jumped
by more than 8 per cent yesterday.

The central bank has also increased
interest rates by 3 percentage
points to 14.75 per cent.

The move is a key requirement
of the International Monetary Fund
(IMF), from which Egypt is asking for
a $12bn loan over three years.

The IMF’s Mission Chief for Egypt,
Chris Jarvis, said the move would
make more foreign exchange available
and would “help foster growth,
job creation and stronger external
position for the country”.

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