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The Egyptian currency continued to slide this week, with its value on the black market hitting a new low of $1=E£10, while the official exchange rate remained stable at $1=E£8.88. This slide continued despite the 12.7% devaluation on 14 March of the pound by the Central Bank of Egypt (CBE) and the adoption of a more flexible exchange rate policy aimed at stabilizing the exchange market (MEES, 18 March).
While rating agency Fitch commended the CBE’s decision as being broadly credit positive for the country, it warned that further devaluations cannot be ruled out, as the country faces a difficult year of slow growth, high inflation and large financing needs.
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