Rising US Dollar Pushes Egyptian Economy Into Tailspin

cairo - As a rising U.S. dollar puts increasing pressure on Egypt's national currency, several Egyptian banks announced this week that they were offering certificates of deposit with 25% interest rates.

That news, rather than calming economic markets, appears to have added to pressure on the Egyptian pound. It has dropped from a level of around 15 pounds to the dollar earlier this year to what some financial outl