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Egypt has abandoned its longstanding struggle to hold the value of its currency against the dollar in favour of a flexible exchange rate in a move which is expected to prompt other countries to undertake foreign exchange devaluations.
The devaluation illustrates the way in which the country’s economic priorities have changed. For decades, Egypt managed its currency to prevent a depreciating pound from boosting the cost of imported goods, such as fuel. The goal is now staying competitive on exports to the European region, Egypt’s main market.
The implications for foreign exchange brokers operating in the region is that their clients are ... (read more)