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#egyptian pound

Egypt announced on Wednesday that it had signed an expanded loan program with the International Monetary Fund (IMF), increasing an existing loan program by USD 5 billion. The move came in conjunction with the Central Bank of Egypt's (CBE) decision to allow the Egyptian pound to trade freely after months of tightly managed rates. The Egyptian Pound plummeted in value against the US Dollar by up to 60 percent following the CBE's decision. The expansion builds upon a USD 3…