Director / Editor: Victor Teboul, Ph.D.
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As Egypt Floats Its Pound, Dollar Seekers Confused

Egypt's surprise decision to float its pound currency on Thursday prompted confusion and uncertainty among Egyptians trying to buy or sell dollars and long accustomed to a stable official exchange rate. Egypt's central bank floated the pound early on Thursday, devaluing it by almost a third against the dollar in an initial move hailed by bankers and the IMF as a big step toward balancing its markets and attracting investment. “The value of the dollar changed four times since I...

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