Previous Post
Black Market Rate Falls After Rumours of CBE Banning Foreign Currency Deposits from Illegal Sources
Next Post
2 New Pharaonic Cemeteries Unearthed in Aswan

Central Bank of Egypt Free Floats the Pound

We have officially moved to "a liberalised exchange rate regime."

Egypt’s Central Bank (CBE) has just announced that the Egyptian pound has been floated, reports Bloomberg.

The Central Bank “announces its decision to move, with immediate effect, to a liberalised exchange rate regime in order to quell any distortions in the domestic foreign currency market,” the statement read.

The news measure entails that exchange rates be determined by banks based on supply and demand, according to Al Arabiya.

The CBE has also decided to raise lending rates by 300 basis points.

This comes after months of depreciation, with the dollar reaching an all-time high of 18 EGP on the black market last Monday, as the Egyptian government struggles to secure a $12 billion loan from the International Monetary Fund (IMF). 


Todays Events
Disco Misr & A-Squared @ Cairo Jazz Club
Clubs
Date: 10/18/2017
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Shnit Opening Party @ Zawya
Parties
Date: 10/18/2017
Time: 7:30pm - 12:0am
Venue: Zawya
Screening By Shnit @ Zawya
Film
Date: 10/18/2017
Time: 5:00pm - 12:0am
Venue: Zawya
Praed @ Zigzag
Clubs
Date: 10/18/2017
Time: 10:00pm - 3:00am
Venue: Zigzag
Shnit Cairo Realtime Competition @ Downtown
Competition
Date: 10/18/2017
Time: 10:00pm - 1:00am
Venue: Downtown
Hip Hop W/ Soul M @ The Tap East
Clubs
Date: 10/18/2017
Time: 10:00pm - 2:00am
Venue: The Tap East
Dalidays @ French Institute In Cairo
Film
Date: 10/18/2017
Time: 8:00pm - 12:0am
Venue: French Institute In Cairo
Script Writing Workshop @ Darb 1718
Workshop
Date: 10/18/2017
Time: 6:00pm - 9:00pm
Venue: Darb 1718