Egypt’s pound plunges after currency float, interest rate rise

The value of the Egyptian pound crashed on Wednesday after the country’s central bank floated the currency on international markets, while also hiking interest rates, in moves that are expected to pave the way for further loans from the International Monetary Fund (IMF).  

In a statement, the Central Bank of Egypt said it had lifted its key overnight deposit rate by 600 basis points to 27.25% and also said it would let the Egyptian pound trade freely on international markets, with a view to quashing inflation and stabilizing…