If You’re Going Through Hell, Keep Going: A Guide to Egypt’s Free Float

Source: The Tahrir Institute For Middle East Policy
Author(s): Mohamed El Dahshan, Allison McManus

Original Link: https://timep.org/commentary/if-youre-going-through-hell-keep-going-a-guide-to-egypts-free-float/

The wait is over.

After months of hintspredictions, and speculation, Egypt’s pound was floated on the market Thursday. Trading that morning at around 8.88 Egyptian pounds (LE) to the dollar, Egypt’s Commercial International Bank (CIB) closed the day at 16. Upon announcing the float, the Egyptian Central Bank set a target price ranging around LE 13 to the dollar, plus or minus 10, and though the rates at banks closed well outside this range on Thursday, the pound will continue to fluctuate as speculation lingers approaching the disbursal of a promised $12 billion loan from the International Monetary Fund….

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