World Economy

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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