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International Business Times
International Business Times
World
AFP News

Egypt Secures $5 Bn Additional Loan From IMF As Pound Plunges

International Monetary Fund Egypt Interest Rates
Egyptian pound plunged to a record low of around 50 to the US dollar (Credit: AFP)

Egypt secured an extra $5 billion in IMF loans on Wednesday, the two sides said, after the central bank hiked interest rates and allowed the pound to plunge by nearly 40 percent.

The central bank's decision to raise the key deposit rate to a record 27.25 percent, in a move aimed at reining in rampant inflation, caught the market by surprise.

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