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IMF chief says Egypt in currency crisis

IMF Managing Director Christine Lagarde speaks during an IMFC press conference at the 2016 Annual Meetings of the International Monetary Fund and the World Bank Group at The World Bank Building October 8, 2016 in Washington, DC. © AFP

Karim Gamal el-Deen
Press TV, Cairo

The International Monetary Fund says Egypt is going through a currency crisis. There is nearly a 100 percent difference between official exchange rates and those of the gray market. The government of President Abdel Fattah el-Sisi is implementing unpopular austerity programs to meet conditions for a billion-dollar loan from the IMF to boost investor confidence.


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