The Egyptian pound fell 10.67% against the dollar

The Egyptian pound fell 10.67 percent this morning, Monday, and the pound fell to 17.42-17.52 against the US dollar, according to Refinitiv data, after it had been trading at about 15.7 per dollar since November 2020.

The Central Bank of Egypt raised overnight interest rates by 100 basis points at a surprise meeting of the Monetary Policy Committee earlier in the day.

Informed sources said that Egypt is in discussions with the International Monetary Fund regarding possible assistance, but it has not announced any official request for a loan from the Fund.

A statement issued by the office of Egyptian Prime Minister Mostafa Madbouly said today, Monday, that it set the selling price of free bread at 11.5 pounds (0.66 dollars) for packaged bread weighing one kilogram.

Banque Misr, the second largest government lender in the country, announced in a statement today that it will issue certificates of deposit with an annual return of 18%.

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