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World Business Report: First broadcast 2016/11/03 22:32 GMT: Egypt Floats Currency; It Tumbles 50%

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Egypt Floats Currency; It Tumbles 50%

First broadcast 2016/11/03 22:32 GMT

First broadcast 2016/11/03 22:32 GMT: Egypt Floats Currency; It Tumbles 50%

BBC World Service - World Business Report, Egypt Floats Currency; It Tumbles 50%

The Egyptian Pound fell almost 50% in its first day as a free-floating currency

Floating the Egyptian Pound is supposed to get rid of the country's currency black market. It fulfils a key condition from the International Monetary Fund.

The devaluation is almost certain to cause a steep hike in prices. So how exactly is allowing such a dramatic change in the currency a price worth paying to hopefully sort out the economy in the long term? We talk to Egyptian journalist, Magdi Abdelhadi, about the feeling on the streets. Meanwhile, Ivory Coast has one of the fastest growing economies in the world. It's one of the benefits of the peace and stability the country has experienced in the last few years. Our Africa editor, James Copnall, joins us now from the country's main city Abidjan. Picture Credit: Bruce Yuanyue Bi.

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First broadcast 2016/11/03 22:32 GMT: Egypt Floats Currency; It Tumbles 50%

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