VOL. XLIV
No 51
17-December-2001
EGYPT
Egypt Announces 8.4% DevaluationOf The Pound, Plans To Inject $2Bn Into Forex Market
Responding to the continued fallin the value of the Egyptian pound on the black market, growing foreign exchangeilliquidity and strong criticism from the financial community over its lack ofdecisive action to remedy these problems, Egypts Central Bank announced on 13December that it had devalued the Egyptian pound by 8.4% to $1=E4.50 from$1=E4.15. The 3% trading band for...
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