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2nd LD: Egypt devalues currency, raises interest rates

Xinhua, November 3, 2016 Adjust font size:

The Egyptian central bank on Thursday devalued the country's currency by 48 percent against the U.S. dollar and raised interest rates by 3 percent.

The official exchange rate of the Egyptian pound will be 13 to the U.S. dollar, down from 8.8 to the greenback.

The currency will be allowed to fluctuate in value by 10 percent for a short period before it is set, the central bank said in a statement.

The bank had also raised deposit and lending interest rates by 3 percent.

The official exchange rate for the Egyptian pound has been steady at 8.8 to the U.S. dollar since March, but the currency kept tumbling on the black market, to as low as 18 against the dollar. Endit