On Thursday, the Central Bank of Egypt decided to freely float the pound and raise key interest rates as part of reforms aimed at alleviating a dollar shortage and stabilizing the country's economy.

The price of EGP 13 per dollar is just a temporary rate set by the Central Bank of Egypt (CBE) on Thursday and it does not apply to the US currency’s future rates, as local lenders are now authorised to set the exchange rate depending on their financial positions.

The International Monetary Fund said it welcomes Thursday's decision by Egypt's central bank to float the country's pound.

Egypt's central bank liberalized its foreign exchange market, with immediate effect, and raised its key policy rate by 300 basis points as part of a major reform program aimed at tackling persistent shortages of foreign currency and making the country's economy more internationally competitive.