Egypt Not Looking to Devalue Pound as It Seeks Loan, Ahram Says
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Egypt doesn’t intend to devalue the Egyptian pound, the state-run Al-Ahram reported today, citing Finance Minister Momtaz el-Saieed, ahead of a meeting with the IMF to discuss a request for a $4.8 billion loan.
The International Monetary Fund didn’t impose conditions on the loan request made more than a year ago for $3.2 billion, El-Saieed said, adding that a devaluation was not a consideration.