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Banks apply new foreign exchange rates
Egypt, Economics, 12/11/2003
All banks in Egypt started to apply the new foreign exchange rates, which will allow the Egyptian pound to float freely according to market supply and demand.
Banks formed consultancy groups to set their own foreign exchange rates replacing the fixed rate with a weighted average.
Previous Stories:
IMF representative: more reforms needed for Egyptian economy
(8/5/2003)
Exchange market stable, exchange rate down
(6/17/2003)
Government is determined to control markets to break monopoly
(3/14/2003)
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