DEVALUATION: Central Bank of Egypt Floats Pound
In a historic moment for Egypt’s monetary woes, the pound gets massively devalued.
Since the 2011 uprising that ended the rule of Hosni Mubarak, Egypt has struggled to accumulate U.S. dollars (hard currency) as political fallout and unrest had driven away foreign institutional investors and tourists. Security issues have spooked many tourists from visiting Egypt’s historic places. The country has experienced a shortage of U.S. dollars, fueling black markets throughout Egypt. Since March 2016, the Egyptian Pound had been pegged 8.8 to the U.S. dollar. The Central Bank of Egypt has now devalued the Egyptian Pound by 32.3%. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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