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Central Bank of Egypt to auction US$1.5bn to stabilise the currency
CAIRO, Egypt, Capital Markets in Africa — Egypt’s central bank will offer US$1.5 billion today in its third special foreign exchange auction of the week, part of an effort to crush the currency black market and stabilize the Egyptian pound a day after a major devaluation. Egypt devalued the pound on Monday to 8.85 pounds to the dollar from 7.73 pounds and announced that it would shift to a more flexible exchange rate. The equity…
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