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Egypt floats its currency, agrees with IMF on a USD 8 bn program
Good morning, ladies and gentlemen, and happy Friday. It is the last weekend before Ramadan and if you are observing…
Looking back at the months preceded the EGP float
The government has been gearing towards this moment
“Back on the right track”: What the pundits are saying
The decisions “put us back on the right track,” but more needs to be done, pundits say
What to watch for next: Inflows and cooling inflation top the list
Commodity prices are expected to fall, Federation of Chambers of Commerce Secretary-General Alaa Ezz said
Banks roll out high interest rate CDs, ease currency controls on credit cards
The parallel market is “on its way to disappearing completely,” Banque Misr Chairman Mohamed El Etreby said
Two exchange rates is a “disease that throws things out of balance,” says CBE’s Abdalla
Abdalla says the central bank didn’t intervene in the market yesterday, signaling a hands-off approach to the exchange rate
What got us there: A float of the EGP and a 600 bps rate hike
The EGP fell to record lows, before settling at 49.5 against the USD
It’s morning again in Egypt: Sentiment can turn on a dime, and that’s what happened yesterday
Central Bank Governor Hassan Abdalla spoke for us all when he said yesterday that having two exchange rates is a…
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