Egypt has devalued its currency by 48 per cent, meeting a key demand set by the International Monetary Fund in exchange for a $US12 billion ($A16 billion) loan over three years to overhaul the country's ailing economy.
Thursday's much heralded decision by the Egyptian Central Bank to devalue the pound followed a sharp and sudden decline this week in the value of the dollar in the unofficial market, plunging from an all-time high of 18.25 pounds to around 13 to the US currency.
The devaluation pegging the Egyptian pound at 13 to the dollar marked an increase from nearly nine pounds on the official market.
The IMF's executive board has yet to ratify the $US12 billion ($A16 billion) loan provisionally agreed by Egypt and the IMF in August.
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