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News Analysis: Egypt toughens grip on currency to revive ailing economy

Source: Xinhua 2016-08-12 17:30:46

EGYPT-CAIRO-ECONOMY-CURRENCY-DEVALUATION

People wait to exchange money at a currency exchange office in downtown Cairo, Egypt, Aug. 10, 2016. Egypt is witnessing an unprecedented devaluation of its currency, with the exchange rate of the U.S. dollar once exceeding 13 Egyptian pounds on the black market, the first time in Egypt's modern history. Observers believe that the government's measures against money exchange companies and calls for closing them will further deteriorate the Egyptian economy and increase a U.S. dollar crisis in Egypt. (Xinhua/Ahmed Gomaa)

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News Analysis: Egypt toughens grip on currency to revive ailing economy
                 Source: Xinhua | 2016-08-12 17:30:46 | Editor: huaxia

EGYPT-CAIRO-ECONOMY-CURRENCY-DEVALUATION

People wait to exchange money at a currency exchange office in downtown Cairo, Egypt, Aug. 10, 2016. Egypt is witnessing an unprecedented devaluation of its currency, with the exchange rate of the U.S. dollar once exceeding 13 Egyptian pounds on the black market, the first time in Egypt's modern history. Observers believe that the government's measures against money exchange companies and calls for closing them will further deteriorate the Egyptian economy and increase a U.S. dollar crisis in Egypt. (Xinhua/Ahmed Gomaa)

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