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UPDATE 1-Egypt to set 2016-17 budget at devalued exchange rate

CAIRO, Feb 8- Egypt is preparing its 2016-2017 budget on the basis of an exchange rate of 8.25 Egyptian pounds to the dollar, as compared to 7.75 pounds the previous year, two government sources told Reuters on Monday. The proposed value of the pound in the budget being drafted indicates the Central Bank of Egypt is planning to devalue the pound from the official...
Source: Reuters