Recapping an eventful day in Egypt:
First, the central bank raised interest rates by 6 percentage points
1/3
bloomberg.com
First, the central bank raised interest rates by 6 percentage points
1/3
bloomberg.com
Then, the central bank of Egypt said it was floating the currency
The official exchange rate went from 31 pounds per dollar to 50
That's a 38% weakening of the currency in a few hours
2/3
The official exchange rate went from 31 pounds per dollar to 50
That's a 38% weakening of the currency in a few hours
2/3
Lastly: Egypt & the IMF agreed on a deal
The IMF will lift the loan from $3 bn to $8 bn
In return, Egypt will need to fulfil:
“- a move to a flexible exchange rate
- tightening of monetary & fiscal policies
- slowdown in infrastructure spending”
3/3
bloomberg.com
The IMF will lift the loan from $3 bn to $8 bn
In return, Egypt will need to fulfil:
“- a move to a flexible exchange rate
- tightening of monetary & fiscal policies
- slowdown in infrastructure spending”
3/3
bloomberg.com
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