Financial and Banking News
Egypt Devalues exchange Rate for Soviet Trade
A decree issued last week by the Egyptian Minister of Economy, Mr. YousriMoustafa, has devalued the exchange rate of the "clearing pound' - theofficial numeraire applicable to trade with the Soviet Union - from E1.35 toE2.00. This effectively abolishes the original rate of E0.40 which hasexisted on the accounting books since its application in the early 1960s,although trade...
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