RSM Egypt

Egypt's Central Bank Floats Pound

In a surprise morning announcement, the Central Bank of Egypt announced that it has floated the Egyptian pound against all foreign currencies. The EGP will initially be allowed to fluctuate in a 10% up / down band. 

“The CBE hereby announces its decision to move, with immediate effect, to a liberalized exchange rate regime in order to quell any distortions in the domestic foreign currency market,”

Stated below please find the Egyptian Central Bank Press release.

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