EGYPT
Egyptians Rush Into Dollars, Fearing Pound’s Collapse
Amid deteriorating economic conditions and continuing political uncertainty, wealthier Egyptians have rushed to convert their savings into hard currency. The value of the Egyptian pound has fallen by about 14% since the beginning of the Egyptian revolt in January 2011 to an official rate of $1=E£6.73. A black market for foreign exchange has also emerged with the pound trading even lower at...
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