Egypt Devalues Currency by More Than 35% After Big Rate Hike

Egypt has devalues their currency by more than 35% after big rate hike in the country.

Egypt hiked interest rates and allowed its currency to weaken more than 35% in a long-awaited devaluation that may pave the way for billions more in loans from the International Monetary Fund.

The government will hope it’s enough to ease a dire shortage of foreign exchange that’s hammered businesses and caused the cost of imported goods to soar.