Egypt lands IMF deal after interest rate hike

 Egypt signed a deal with the International Monetary Fund for a loan package worth $8 billion, up from an original $3 billion, government and IMF officials said Wednesday, according to news agencies. The agreement came hours after Egypt’s central bank hiked interest rates by 600 basis points and announced it was floating the Egyptian pound.  

The currency fell to a record low of 50 pounds to the US dollar, down from an average of 30.9 to the dollar at the previously stabilized official exchange rate.