Egypt allows its currency to float freely

“Egypt has floated its currency in a move that has reduced its value by almost 50% against the dollar. One US dollar is buying 13.5-14 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% on Thursday.”

Source: Egypt allows its currency to float freely – BBC News

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