"Egypt's Currency Crisis: IMF Deal Boosts Loan to $8 Billion as Interest Rates Soar"

Egypt's central bank raised interest rates by 600 basis points and devalued the pound, leading to a record low against the dollar, in a move aimed at securing an agreement with the IMF and addressing the country's foreign currency shortage. The pound was trading at roughly 50 to the dollar, up from 30.85 previously, and the key interest rate now stands at 27.25%. The measures are part of comprehensive economic reforms and are expected to pave the way for an IMF deal, with analysts anticipating further monetary tightening to combat inflation and offset the impact of the weakened pound.