News Egyptian pound stable after devaluation, IMF deal

RIYADH: Egypt’s currency was stable at around 49.5 pounds to the dollar as the market opened on Thursday, a day after the central bank let the currency plunge and pledged to shift to a more flexible exchange rate system as the country secured an expanded $8 billion program with the IMF.

The pound stayed in the same range it had settled at near closing on Wednesday, LSEG data showed. Before Wednesday’s devaluation and a steep interest rate hike, the central bank has held the currency for about a year at just under 31 pounds to the dollar.

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