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3min chapter
Egypt's Currency Crisis!
Patrick Boyle On Finance
Introduction
Egypt has had a problem with debt for quite some time. In 2016, the Egyptian president sealed a deal with the IMF for a $12 billion loan. This bailout was granted on the condition that Egypt's currency would float freely. Harsh austerity measures were implemented to try and restore government finances. The central bank began propping up the Egyptian pound from June 2020 up until March 2022. Once the central bank stopped supporting the currency, it began its decline.
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