Central bank of Egypt devaluated the local currency

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Central bank of Egypt devaluated the local currency

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Kindly be informed that The Egypt’s central bank devaluates its currency in order to a more flexible exchange-rate policy as it seeks to ease an acute dollar shortage that is hurting the economy.

The Central Bank of Egypt moved the rate to market demand and supply. The move will help narrow the gap between the pound’s exchange rate in the parallel market.

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EGL – Egyptian Global Logistics

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