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Egypt allows its currency to float freely

Posted on 04 November 2016

Egypt has floated its currency in a move that has reduced its value by almost 50% 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% on Thursday………………………………………Full Article: Source


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