In an anticipated move, the Central Bank of Egypt announced on 6th of March its decision to allow the pound to float. In the early trading hours at banks, the national currency’s value plummeted, with the dollar exchange rate to the pound reaching over LE50 in some instances throughout the day. The dollar’s value against the pound appreciated 60 percent in a single day. The central bank also raised interest rates by 6 percent (600 bps), the largest interest rate hike in a single meeting in the history of the country’s monetary policy.

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