{"id":59947,"date":"2024-03-06T18:11:14","date_gmt":"2024-03-06T16:11:14","guid":{"rendered":"https:\/\/lovin.co\/cairo\/en\/?p=59947"},"modified":"2024-03-06T18:11:14","modified_gmt":"2024-03-06T16:11:14","slug":"devaluation-new-loan-unlimited-credit-cards-egypt-embarks-on-economic-transformation","status":"publish","type":"post","link":"https:\/\/lovin.co\/cairo\/en\/news\/devaluation-new-loan-unlimited-credit-cards-egypt-embarks-on-economic-transformation\/","title":{"rendered":"Devaluation, New Loan, Unlimited Credit Cards: Egypt Embarks on Economic Transformation"},"content":{"rendered":"
In a series of significant economic reforms, Egypt has made headlines with its latest financial manoeuvres aimed at stabilizing the economy and promoting growth. Here’s a breakdown of the day’s most crucial news, each with its own critical implications for the future.<\/p>\n
In an unexpected move, the CBE announced the devaluation of the Egyptian Pound and the adoption of a flexible exchange rate system. This change, designed to let market forces determine the currency’s value, comes alongside a substantial increase in interest rates. Additionally, with the currency trading at approximately EGP 45 per USD, this strategic pivot aims to combat inflation and streamline the foreign exchange market, signaling a significant shift from Egypt’s traditional exchange rate policy.<\/p>\n
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A post shared by Lovin Cairo | \u0644\u0648\u06a4\u0646 \u0627\u0644\u0642\u0627\u0647\u0631\u0629 (@lovincairo)<\/a><\/p>\n<\/div>\n<\/blockquote>\n
Removing credit card foreign spending limits<\/h2>\n
Further bolstering its commitment to economic flexibility, the CBE has instructed banks to lift foreign spending limits on credit cards. This decision, influenced by a recent surge in foreign reserves courtesy of a substantial UAE investment and the awaited financial installment from the IMF, marks a reversal from previous restrictions. It reflects a broader strategy to enhance the local currency’s stability and facilitate smoother international transactions for Egyptian cardholders.<\/p>\n
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