EGYPT ECONOMY

Egyptian pound falls to all-time low after central bank free-floats the currency

epa11202009 A man walks past a large-scale image of a US dollar banknote on a currency exchange office in Cairo, Egypt, 06 March 2024. Egypt's pound hit an all-time low after the Central Bank of Egypt (CBE) announced, on 06 March 2024, that it would let the currency trade freely. The CBE also announced a raise of the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 600 basis points to 27.25 percent, 28.25 percent, and 27.75 percent, respectively. The discount rate was also raised by 600 basis points to 27.75 percent. These measures are intended to address Egypt's economic challenges, including high inflation. EPA/KHALED ELFIQI

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