[HIGHLIGHTS] The Egyptian pound is falling against the dollar amid anticipation of an agreement with the IMF

The Egyptian pound is falling against the dollar amid anticipation of an agreement with the IMF. The exchange rate of the US dollar jumped 62.40% against the Egyptian pound, at the time of writing the report, to the level of 50.1 pounds, up from 30.85 pounds at the beginning of Wednesday’s trading.

The Central Bank of Egypt raised interest rates by 600 basis points in an extraordinary meeting, saying that it would allow the exchange rate to be determined “according to market mechanisms”