VOL. XLIV

No 33

13-August-2001

EGYPT

EgyptAnnounces 6.4% Devaluation Of The Pound

Inresponse to growing liquidity pressures and a renewed focus on Egyptianmonetary policy, the Central Bank of Egypt (CBE) devalued the Egyptian poundagainst the dollar on 5 August, cutting it by 6.4% to $1=E4.15. According tothe CBE, the band for banks and non-bank dealers is plus or minus 3%. Themove followed closely an announcement by President Husni Mubarak on 1 Augustthat government ministers and officials of...