Egypt, the Central Bank raises charges by 6 factors | EUROtoday

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The Central Bank of Egypt as we speak introduced a rise in its reference fee by six factors, bringing it to a report stage of 27.25%. The central financial institution introduced this in a context of sturdy devaluation of the Egyptian forex towards the US greenback. Egypt, closely indebted and in a critical financial disaster, has already devalued its forex by 50% in latest months, whereas it’s negotiating new financing traces with the International Monetary Fund.