Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
Submitted by Anonymous (not verified) on Fri, 03/08/2024 - 23:00
Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF […]