Egypt Currency Falls to Historic Low, Could Spur Investment

January 21, 2015 4:48 PM

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Egypt's currency fell for the fourth time in a week on Wednesday, hitting its lowest point ever against the dollar, in a development that could help boost foreign investment after four years of unrest.

The central bank set a cutoff rate of 7.34 Egyptian pounds per dollar in an auction that sold $38.4 million, compared to a rate of 7.29 a day earlier. Before this week, the exchange rate had not changed for six months.

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