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#devaluation of the egyptian pound

The Central Bank of Egypt (CBE) directed banks to remove foreign spending limits on all credit cards, state-owned AlQahera News TV reported on 6 March. According to the report, the CBE’s decision is aimed at boosting the stability of local exchange currency. The decision comes in light of a recent boost in foreign reserves, following a USD 35 billion (EGP 1 trillion at the time of the deal) megacity investment project with the United Arab Emirates. A new financial tranche…