Egypt lands IMF deal after interest rate hike

Egypt lands IMF deal after interest rate hike

 Egypt signed a deal with the International Monetary Fund for a loan package worth $8 billion, up from an original $3 billion, government and IMF officials said Wednesday, according to news agencies. The agreement came hours after Egypt’s central bank hiked interest rates by 600 basis points and announced it was floating the Egyptian pound.  

The currency fell to a record low of 50 pounds to the US dollar, down from an average of 30.9 to the dollar at the previously stabilized official exchange rate.

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to MAGHREB INSIDER.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.