Photo Credit: Winter Sorbeck, <a href="https://creativecommons.org/licenses/by-sa/3.0">CC BY-SA 3.0</a>, via Wikimedia Commons
The Egyptian pound's flotation was announced by the Central Bank of Egypt. Instead of being fixed at a certain rate, the value of the Egyptian pound will fluctuate based on market's demand and supply.
The International Monetary Fund has stated that most concerns pertaining to its USD 3 billion loan program with Egyptian authorities have been overcome, and this agreement was revealed during a press conference that was attended by the head of the IMF mission, Ivanna Vladkova Hollar, Governor of the Central Bank of Egypt (CBE), and Prime Minister Mostafa Madbouly. Egypt and the International Monetary Fund (IMF) agreed to increase the $3 billion loan accord to $8 billion.&nbsp;
According to PM Dr. Madbouly, the agreement targets very specific indicators by boosting the hard currency monetary reserve, lowering both domestic and foreign debt, securing the flow of direct foreign investments, accelerating the rate of growth of the Egyptian economy.
After striking an agreement to build Ras El Hekma, the United Arab Emirates offered USD 35 billion in financing, of which Egypt had just received the first payments.
The Central Bank of Egypt instructed local banks to remove&nbsp;limitations on the usage of credit cards issued in foreign currencies as a further move to improve the stability of the local exchange market.

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