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Egypt Pound Strengthens

Egypt Pound StrengthensEgypt Pound Strengthens

The Egyptian pound strengthened slightly on Monday and importers reported increased dollar liquidity at banks days after the International Monetary Fund approved a $12 billion loan the government hopes will jump-start the economy, Albawaba reported. Banks were selling the pound at around 15.7 to the dollar and buying it at around 15.2 compared with a sell price of around 16 and a buy price of around 15 on Sunday. Egypt floated the pound on Nov. 3 in a dramatic move welcomed by businesses as the key to unlocking investment. It devalued the currency by about a third from the former peg of 8.8 against the dollar and allowed it to drift lower.

 

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