Financial and Banking News

REGIONAL BANKING

Egypt Acquires Another Exchange Rate

In a move which is ultimately designated to simplify Egypt's chaotic foreign exchange markets, the government has added a new tier to the market with the introduction of a floating rate administered by the commercial banks which is supposed to compete directly with the black market. Egypt now has five different exchange rates. Two are essentially book-keeping rates: E£0.40 = $1 for outstanding trade...