Egypt floats pound

Analysts said the Egyptian economy has suffered in the past due to the fixed exchange rate preventing receipt of funds from institutions such as the IMF.

"The fixed exchange rate regime had long lost its credibility because it had been used to support an exchange rate that was out of line with market conditions and inconsistent with other economic policies," said Ala’a Al-Yousuf, Middle East and Africa director for sovereign ratings at Standard & Poor’s. "The economy should benefit from a

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