Central Bank of Egypt Announces Flotation of Egyptian Pound

The Central Bank of Egypt announced the flotation of the Egyptian pound. The value of the Egyptian pound will be subject to market demands, rather than set at a fixed rate.

Recently, the International Monetary Fund had announced that it had resolved key issues with Egyptian authorities regarding its USD 3 billion loan programme, and plans on announcing the final financing package within weeks.

Egypt had recently received the first transfers from USD 35 billion in funds that had been pledged to it by the United Arab Emirates after securing a deal to develop Ras El Hekma.