Financial and Banking News

BUDGETS AND REVENUES

Egypt Introduces Floating Tier in Exchange Rate Structure

Egypt's foreign exchange markets reopened for business on 5 January to face the implications of yet another overhaul of the country's immensely complex exchange rate structure. After weeks of speculation fueled by official statements, the Minister of Economy, Dr. Mustafa Sa'id, announced on 3 January that a floating rate tier had been introduced to replace some existing...