Financial and Banking News


Egypt Asks for IME Standby, Ponders Currency Reform 

Faced with a deteriorating external trade account and rampant speculation against the local currency, the Egyptian government was last week reported to have approached the International Monetary Fund (IMF) for a dual-tranche $1.5bn standby facility. According to a statement by Dr. 'Irfan al-Shafiti, First Undersecretary of the Ministry of Planning and International Cooperation,...