An employee counts banknotes at currency exchange shop in the Egyptian capital Cairo on November 3, 2016. AFP / KHALED DESOUKI
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Egyptian President Abdel-Fattah al-Sisi sought to shore up confidence in the pound Thursday as inflation accelerated to the highest level in eight years following the central bank's decision to abandon all currency controls.Sisi said the Nov. 3 decision to float the pound was one that could no longer be delayed. Prices have jumped since the move – which along with a cut in fuel subsidies was key to securing a $12 billion loan from the International Monetary Fund. The currency has weakened 50 percent since the float. Annual urban consumer inflation accelerated to 19.4 percent in November, from 13.6 percent in the previous month, according to official data released Thursday. Core inflation, a central bank gauge that strips out volatile items, surged to 20.73 percent.
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