Khaled se despierta temprano. La mayoría de las personas en el campo de refugiados de Polikastro en el norte de Grecia lo hacen, las tiendas se vuelven demasiado calurosas para dormir después del amanecer. Pero Khaled se levanta con un propósito: él tiene que ir a trabajar, una de las pocas personas en el campo […]
Polykastro, Greece Khaled wakes up early. Most people in the refugee camp in Polykastro, in northern Greece, do – the tents get too hot to sleep shortly after the sun rises. But Khaled wakes up with intent: he has to get to work, one of the rare people in the camp who do. He starts […]
On Monday, July 25, the Egyptian pound (LE) reached its lowest value ever in the parallel market. The unofficial exchange rate, LE12.95 per U.S. dollar, was a staggering 47% below the government-set rate of LE8.88 to the dollar. The accelerating decline of the Egyptian economy has brought unprecedented public scrutiny of economic conditions, with citizens […]
After months of hints, predictions, and speculation, Egypt’s pound was floated on the market Thursday. Trading that morning at around 8.88 Egyptian pounds (LE) to the dollar, Egypt’s Commercial International Bank (CIB) closed the day at 16. Upon announcing the float, the Egyptian Central Bank set a target price ranging around LE 13 to the dollar, plus or minus 10, and though the rates at banks closed well outside this range on Thursday, the pound will continue to fluctuate as speculation lingers approaching the disbursal of a promised $12 billion loan from the International Monetary Fund.