Egypt lets pound plunge to record lows, closing in on IMF deal
CAIRO/DUBAI, March 6 (Reuters) - Egypt's pound hit a record low on Wednesday after the central bank said it would let the currency trade freely and hiked rates by 600 basis points at an unscheduled meeting, taking steps to stabilise the economy with help from Gulf investment and IMF funds.
The currency weakened after the markets opened to beyond 50 pounds to the dollar from about 30.85 pounds, a level Egypt has for months tried to defend.
https://www.reuters.com/world/middle...es-2024-03-06/
CAIRO/DUBAI, March 6 (Reuters) - Egypt's pound hit a record low on Wednesday after the central bank said it would let the currency trade freely and hiked rates by 600 basis points at an unscheduled meeting, taking steps to stabilise the economy with help from Gulf investment and IMF funds.
The currency weakened after the markets opened to beyond 50 pounds to the dollar from about 30.85 pounds, a level Egypt has for months tried to defend.
https://www.reuters.com/world/middle...es-2024-03-06/
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