• Written by: Crypto Breaking News
• Fri, 08 Mar 2024
•   United Kingdom

Authorities in Egypt recently allowed the local currencys exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF [...]The post Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement appeared first on Crypto Breaking News.

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

Authorities in Egypt recently allowed the local currencys exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF [] Source: Bitcoin.com

The post Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement appeared first on Crypto Breaking News.