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Egyptian pound plummets after interest rate hike, exchange rate change

Egypt is contending with high inflation as the central bank continues to look for a way out of the current crisis.
The Egyptian pound, British pound sterling and US dollar banknotes are seen in this photo, Aug. 25, 2022.

The Egyptian pound fell to a new low against the US dollar today following two significant fiscal changes. 

What happened: The Central Bank of Egypt raised several key interest rates today by 2%, citing rising prices internationally. 

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