Egypt's Central Bank raised interest rates by 600 basis points to 27.75% and floated the Egyptian pound.
Egypt's Central Bank raised main interest rates by 600 basis points to 27.75% and allowed the currency's exchange rate to be determined by the market, aiming to combat inflation and attract foreign investment amid a shortage of foreign currency. Following the announcement, the Egyptian pound lost over 60% of its value against the dollar, reaching more than 50 pounds for $1.
March 06, 2024
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