Official market.a: Currency Auction and Egyptian Pound

official market.a: The devaluation pegged the Egyptian pound at 13 to the dollar, up from 8.8 pounds on the official market.A Central Bank foreign currency auction was scheduled for later, according to the official MENA news agency, according to The Toronto Star. By the afternoon, banks sold the U.S. dollar, the most sought after hard currency in Egypt, for 14.30 pounds and bought it for just 13. By Hamza Hendawi The Associated Press Thu., Nov. 3, 2016 CAIRO—Egypt devalued its currency by 48 per cent on Thursday and announced the pound would be allowed to float — measures that meet a key demand by the International Monetary Fund in exchange for a $12 billion loan over three years to overhaul the country ailing economy. The flotation was virtually certain to cause a steep hike in prices, piling up pressure on President Abdel-Fattah el-Sissi government to avoid a popular backlash against its handling of the economy. Article Continued Below El-Sissi, a general-turned-president elected in 2014, has pledged to do all he can to protect Egypt poor from the inflationary fallout that is certain to come with economic reforms. El-Sissi has repeatedly urged Egyptians in recent weeks to rally behind him as he grapples with the country worst economic crisis in decades, arguing that there was no way out of the economic crisis unless Egyptians endure and be patient. (news.financializer.com). As reported in the news.