Cairo – Mubasher: The Egyptian pound has been slashed against a basket of foreign currencies after liberalizing the exchange rate regime.

According to data issued by the National Bank of Egypt, The exchange rate of US dollar rose against the Egyptian pound to EGP 13.01 for buying and EGP 13.5 for sale, compared with EGP 9.7 and EGP 9.8 earlier.  

Euro moved up to EGP 14.42 for buying and EGP 15.01 for sale, compared with EGP 9.7 and EGP 9.8 before the central bank's decision.

The sterling pound went up to EGP 15.99 for buying and EGP 16.66 for sale, compared with EGP 10.7 and EGP 10.8 previously.

The Kuwaiti Dina X-rate surged to EGP 43 for buying and EGP 44.6 for sale, compared with EGP 29.02 and EGP 29.34 before free floatation.