Egypt Central Bank devalues currency by 48 percent

Egypt has devalued its currency by 48 percent, meeting an important demand set by the International Monetary Fund in exchange for a $13bn loan over three years to overhaul the country's economy. Thursday's much anticipated decision by the Egyptian Central Bank followed a sharp and sudden decline this week in the value of the dollar in…


Here's a look at USD/EGP's chart (inverted) via @SoberLook.