Financial and Banking News
Egypt Adopts Single Exchange Rate
Egypt unified its exchange rate on 7 October by abolishing the Central Bankrate which was used to value the cost of some staple imports. The commercialexchange rate is now the only one being used. The move had not been expecteduntil early 1992. Unification is one of the conditions imposed by the IMF forgranting a standby credit facility in May. The Egyptian pound was trading ataround $1=E...