Financial and Banking News
REGIONAL BANKING
Egypt Simplifies Forex Rate Structure
The Egyptian Minister of Economy, Mr. Sultan Abu 'Ali, decreed on 27 July that the multi-tiered exchange rate structure was being simplified by the abolition of the 'official incentive' rate of E£0.83=$1. For most official purposes only two rates now exist in Egypt, the 'official rate' of E£0.70=$1 and the 'floating rate' which is currently set at...
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