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.
Egypt’s Central Bank (CBE) decided on Thursday to float the pound against the US dollar and temporarily devaluing the current exchange rate by 48 percent to be set at EGP 13, the CBE stated on its website.
Egypt has received a $2 billion deposit from Saudi Arabia, an Egyptian Central Bank official said, moving closer to securing several billions of dollars needed to seal a prospective $12 billion loan.
Attijariwafa bank and Barclays Bank PLC announced that they have signed in Cairo an agreement whereby Attijariwafa bank will acquire 100% of the share capital of Barclays Bank Egypt from Barclays Bank PLC, subject to regulatory approvals from, among others, the Central Bank of Egypt and Central Bank of Morocco.
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