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History repeats as Egypt floats pound again

Published by
Al-Araby

At the time when the Egyptian pound plunged around 17% in its value against the US dollar on Monday, following a rise in inflation amid growing economic hardships, the Central Bank of Egypt had announced higher interest rates at national banks. State-run Banque Misr and the National Bank of Egypt declared, on the same day, they were offering one-year deposit certificates with an 18% yield, in what economists view as an attempt to collect more funds and curb inflation and, in turn, the sky-rocketing prices. Most Egyptian nationwide keep their savings in these two banks. On the other hand, the p…

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