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Egyptian pound continues to lose value

Economists expect Egypt's central bank to loosen its grip on the exchange rate of the Egyptian pound in its meeting later this month, but the possible move is fraught with fears from a sharp rise in commodity prices.
A man walks past a currency exchange shop displaying a giant US dollar banknote, Cairo, Egypt, Nov. 3, 2016.

CAIRO — Egypt's monetary planners face a number of tough options in their desire to forestall further deterioration in the value of the Egyptian pound and rein in the rise in the exchange rate of the US dollar, the main import currency in the country.

The Monetary Policy Committee, the decision-making body of the Central Bank of Egypt, will convene Sept. 22, most probably to decide the future of the exchange rate for the next months.

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