Friday, October 16, 2015

Egypt Devalues Pound for Third Time This Year


Egypt’s Central Bank has devalued the pound for the third time this year.

It came after the country’s foreign reserves tumbled and the currency fell to a record in black-market trading.

Egypt has been under pressure to cheapen the pound since China’s surprise devaluation of the yuan in August hit many emerging-market currencies as they tried to preserve the competitiveness of their exports.

Click here for the full article and video.

Source: Euronews

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