BREAKING: Egypt central bank hikes interest rates 300 basis points
A man walks past an exchange bureau advertisement showing images of the U.S dollar in Cairo, Egypt, February 21, 2016. REUTERS


Egypt’s central bank said on Thursday it had floated its pound currency and hiked interest rates by 300 basis points in a move to rebalance currency markets.

Bankers told Reuters they had been informed that the central bank would set an initial guidance rate of 13 pounds to the dollar at a sale at 1300 local time (1100 GMT) and allow free bids and offers while the market converges on a real price.

The central bank also said in a statement that it would abolish the priority list for imports and phase out monetary financing of the budget deficit over the coming months.

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