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Egypt devalues and floats its currency

Egypt's central bank floated the pound in an attempt to stabilize its economy, which has been hampered by a shortage of dollars.
●    The currency was initially devalued by 32.3% to about 13 pounds per dollar, down from the previous peg of 8.8 per dollar, which had been in place since March. 
●    It has since tumbled further, and is now down by about 50%.
●    The central bank also hiked rates by 300 basis points in an attempt to curtail the inflation that's likely to follow the weaker exchange rate.
●    The devaluation of the pound was one of the key demands by the International Monetary Fund in order for Egypt to receive a loan of $12 billion over three years. 
●    The IMF has yet to officially ratify the loan, but it is seen as crucial in helping to stabilize the country's economy.


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