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Challenges Ahead as Egypt Floats Its Currency for IMF Loan: Q&A

  • $12 billion sought from IMF to boost economy hit by upheaval
  • Move can hurt black market, impoverished Egyptians, too
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Egypt Stocks Soar as Bonds Rally on Currency Float

The Egyptian central bank said Thursday that it would float the country’s pound, an aggressive step meant to revive the sputtering economy and fulfill a key condition of a desperately needed $12 billion International Monetary Fund loan.

The bank acted after a dearth of dollars battered business activity, pushed inflation to its highest levels this decade and raised concerns about a spillover of social unrest in the Arab world’s most populous nation.