Egypt allows currency to fall sharply against dollar and hikes interest rates

The Egyptian pound slipped sharply against the dollar after the Central Bank of Egypt raised its main interest rate and said it would allow the currency’s exchange rate to be set by market forces (AP)

The Egyptian pound has slipped sharply against the dollar after the Central Bank of Egypt raised its main interest rate and said it would allow the currency’s exchange rate to be set by market forces.

The measures were meant to combat inflationary waves and attract foreign investment as the country experiences a staggering shortage of foreign currency.