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Thursday, November 3, 2016

Fwd: BREAKING| Central Bank of Egypt Floats the Egyptian Pound; $US 1.00 Valued at EGP 13.10


BREAKING| Central Bank of Egypt Floats the Egyptian Pound; $US 1.00 Valued at EGP 13.10

Central Bank of Egypt Floats the Egyptian Pound
In a surprise morning announcement, the Central Bank of Egypt announced that it has floated the Egyptian Pound against all foreign currencies.

Against the U.S. dollar, the Egyptian Pound was floated to EGP 13.10 per USD 1.00. Selling a U.S. Dollar, however, yields EGP 13.50.

The Egyptian Pound will be allowed to fluctuate (either positively or negatively) in value by 10 percent for a short period before it is set.

Also in an announcement, the Bank Misr and Al-Ahly announced that buying Egyptian Pound certificates will provide customers with an interest rate between 16 and 20 percent, depending on the duration that the certificates are kept.

This story is developing. Follow Egyptian Streets on Twitter, Facebook and its website for live updates.