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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
Stir Fry @ Chinoix
Date: 12/18/2017
Time: 12:00pm - 12:0am
Venue: Renaissance Hotel
Hassan Abou Alam / Aly Goede @ Cairo Jazz Club
Date: 12/18/2017
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Breakfast @ 139 Pavillion
Date: 12/18/2017
Time: 8:00am - 12:00pm
Venue: Mena House Hotel
Open Mic Night @ Bardo Clubhouse
Date: 12/18/2017
Time: 7:00pm - 10:00pm
Venue: Bardo Clubhouse
Etiqutte with Dina El Selmy
Date: 12/18/2017
Time: 10:00am - 2:30pm
Venue: SANE
The Art of Wedding Portraiture @ AUC
Date: 12/18/2017
Time: 10:00am - 5:00pm
Venue: American University In Cairo
Karaoke @ Room Art Space & Cafe
Date: 12/18/2017
Time: 7:30pm - 11:30pm
Venue: Room Art Space
Oldies @ Underground
Date: 12/18/2017
Time: 10:00pm - 2:00am
Venue: Underground Cairo