Egypt devalues pound by 10.67% to dollar
Egypt’s central bank has devalued the pound by up to 10.67 percent on Monday morning to 17.42-17.52 against the U.S. dollar, Refinitiv data showed.
The Egyptian currency had been trading at around 15.7 pounds to the dollar since November 2020. The country’s central bank also decided to hike this morning overnight interest rates by 100 basis points in a surprise monetary policy meeting.
State-owned National Bank of Egypt and Banque Misr announced later Monday it was offering certificates of deposit with yield of 18 percent.
