• Egypt let the pound float freely

  • The Central Bank of Egypt has announced a transition to a regime of free exchange rate of the national currency is the Egyptian pound. About it reads in the message controller.

    The decision was taken to stabilize the economy and eliminate the black market for currency. The course is set at the level of 13 Egyptian pounds to one dollar plus or minus 10 percent.

    In addition, the Central Bank of Egypt on Thursday raised interest rates by three percentage points. Thus, the interest rate on short-term deposits, loans overnight (for one day) and the rate on repo transactions (loans against securities) is now 14,75 respectively, of 15.75 and 15.25 percent.

    The measures will bring Egypt to receive a loan from the International monetary Fund in the amount of $ 12 billion, economists say.

    11 Aug IMF said, what will give Egypt a loan of 12 billion dollars for three years.

    27 June Reuters reported, Egypt has resumed talks with the IMF on a loan of five billion dollars.

    Egypt is trying to obtain an IMF loan for the fourth time in the last five years, since the revolution of 2011. Previous treatment was unsuccessful. Discussion of credit line continued for several years after the 2008-2009 crisis, which hit hard on the Egyptian finances. In 2013, the negotiations ceased after the overthrow of then President Mohammed Morsi. However, Egypt has received billions of dollars in aid from oil-producing States of the Persian Gulf.

    The Egyptian economy is in a difficult situation after the terrorist attacks and the overall tense political situation in the country scared away tourists, bringing a significant portion of foreign exchange earnings. Over the last five years the reserves of the state has more than halved to 17.5 billion dollars.


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