Egypt's currency further declines against USD

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Egypt's currency further declines against USD

STORY: Egypt's currency further declines against USD DATELINE: Jan. 5, 2023 LENGTH: 00:01:05 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of national banks in Egypt 2. various of citizens 3. various of banknotes STORYLINE: The Egyptian pound further weakened against the U.S. dollar whose exchange rate jumped Wednesday from about 24.7 to about 26.49 pounds, according to data on the website of the Central Bank of Egypt (CBE). It is the largest single-day decline of the Egyptian pound's value since the CBE allowed it to drop by about 14.5 percent in late October 2022. The country devalued its currency twice in 2022. The move complies with the country's "shift to a durable exchange rate regime" to contain inflation as a key demand of the International Monetary Fund (IMF), which has recently approved a loan of 3 billion dollars to Egypt to support its economic and structural reforms. The IMF's support package also includes measures to be implemented by Egypt to "reduce the state's footprin

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