Financial and Banking News

REGIONAL BANKING

Egypt Soft Pedals at Paris Club, Cracks Down on Black Market

In what appears to be a significant step back from its previous position, the Egyptian Government last week signed a $10bn Paris Club rescheduling agreement on terms identical to the standard Paris Club formula, without any apparent concessions to Egypt's parlous economic state. Following the agreement between Egypt and the IMF, it had been hoped in Cairo that advantageous terms...