Arab Finance: Egyptian Prime Minister Mostafa Madbouly praised the significant decisions taken by the Central Bank of Egypt (CBE) within its framework to shift towards a flexible exchange rate, as per a statement.

Madbouly added that these steps aim to unify the exchange rate, a crucial measure that contributes to curbing the accumulation of demand for foreign currency.

He also affirmed that eliminating the parallel market is expected to help restrain inflation.

The Egyptian Pound has breached the 50 mark against the US Dollar earlier in the day.

This followed the Central Bank of Egypt's (CBE) announcement to increase the interest rates by 600 basis points (bps) at its special meeting.

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