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1s LD: Egypt devalues currency to 13 against U.S. dollar

Xinhua, November 3, 2016 Adjust font size:

The Egyptian central bank on Thursday announced the devaluation of the country's currency to 13 against the U.S. dollar, official MENA news agency reported.

The central bank decided to cut down the value of the Egyptian pound by 48 percent to 13 against the U.S. dollar in the official market with a 10 percent margin of fluctuation, MENA said, quoting Rami Gaballah Wakil, assistant deputy governor of the bank.

The bank also decided to raise interest rates on loans and deposits by 3 percent, MENA said. Endit