“The Egyptian authorities have embarked on an ambitious reform program to put the country’s economy on a sustainable path and achieve job-rich growth,” she said. She said she would recommend that the IMF Executive Board approves Egypt’s request for US$12 billion in loans when it meets tomorrow. The Egyptian pound traded at banks on Tuesday at about 17.75 to the US dollar, nearly twice the dollar’s official, pre-float exchange rate. The Egyptian pound was trading at an all-time low of 18.50 to the US dollar in the parallel black market prior to the float. Meanwhile, an Egyptian court upheld a ruling by a lower tribunal that annulled Egyptian President Abdel-Fattah al-Sissi’s decision to transfer two strategic Red Sea islands to Saudi Arabia, a move that could further escalate tensions between the two formerly close allies.

Source: Taipei Times November 09, 2016 16:04 UTC