Egypt devalues currency by 48% to meet IMF loan demand

Egypt has devalued its currency by 48%, meeting a key demand set by the International Monetary Fund in exchange for a 12 billion US dollar (£9.8 billion) loan over three years to overhaul the country's ailing economy.

Thursday's much-heralded decision by the Egyptian Central Bank followed a sharp and sudden decline this week in the value of the dollar in the unofficial market, plunging from an all-time high of 18.25 Egyptian pounds to around 13 to the US currency.