Wednesday, November 30, 2016
The International Monetary Fund has officially approved a three-year $12 billion loan to help support the country’s economic reform plan.
Starting this month the government floated the Egyptian pound, and it has now lost 50 percent of its value. From an exchange rate of 8.8 on November 1, the pound has now been devalued to 18.01 against the US dollar.
Their new campaign is being called “A Chance for Change.” Its overall goal is meant to stimulate their economy with a focus on the following key components:
Since the announcement, a Graphic Designer by the name of Maged Sabry has launched a Facebook page called “Egyptian Currency Design Challenge.”
The page has gone viral with many submitting pictures with fresh designs for a new Egyptian pound. Yet the Central Bank of Egypt has denied rumors that it plans to change the design of Egyptian banknotes.
Travelers: Never miss a thing and be the first to know about CXI branch promotions, travel tips and hot trends.Sign Up
Corporations & Financial Institutions: Want to get ahead of the curve for the upcoming week? Get CXI's currency market trend analysis sent directly to your inbox weekly.Sign Up