A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. REUTERS/Mohamed Abd El Ghany
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Egypt's central bank lifted its last remaining official foreign-currency controls, as a dollar shortage that stymied the economy receded since authorities floated the pound and introduced wide-ranging reforms.Egypt's financial markets have been transformed by the decision to lift most foreign-exchange controls to tackle a burgeoning black market. The currency float, along with subsequent fuel subsidy cuts, helped Egypt finalize a $12 billion International Monetary Fund loan that bolstered investor confidence in the economy.The central bank said in September that a backlog of foreign-currency requests from importers and foreign companies had been cleared, highlighting the abundance of dollars in the market.
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