Egypt’s currency FX rate hits 46.45 against dollar

Egypt’s pound currency weakened on Wednesday to a new low of 46.45 Egyptian pounds against the US dollar, according to the National Bank of Egypt’s (NBE) website.

Earlier in the day, Central Bank of Egypt (CBE) decided to free float the exchange rate of the local currency. It also increased the interest rates by six per cent at once, bringing the overnight deposit and lending rates and the main operation rate to 27.25 per cent, 28.25 per cent and 27.75 per cent, respectively.