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Central bank of Egypt devaluated the local currency

Egypt adopts a more flexible exchange-rate policy, allowing the pound to move according to market supply and demand to address the dollar shortage and narrow the parallel-market gap.

20 Nov 2022INFORMATION
Central bank of Egypt devaluated the local currency
Kindly be informed that The Egypt’s central bank devaluates its currency in order to a more flexible exchange-rate policy as it seeks to ease an acute dollar shortage that is hurting the economy. The Central Bank of Egypt moved the rate to market demand and supply. The move will help narrow the gap between the pound’s exchange rate in the parallel market. Best Regards Depot Kadmar International
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