By HAMZA HENDAWICAIRO (AP) — The Egyptian pound slid against the dollar on Sunday, the first full business day since Egypt took the unprecedented step of floating its currency and significantly hiking fuel prices. The bold double move met key demands set by the International Monetary Fund for a much-needed $12 billion loan to overhaul the ailing economy, but has also led to price increases on a number of goods, including food and transport. Banks were selling the U.S. currency at around 16 pounds while buying it at around 15.5. The Central Bank on Thursday devalued the pound by 48 percent, setting a holding exchange rate of 13 pounds to the dollar that was shattered within hours. Prior to the floatation, the dollar's official exchange rate was nearly nine pounds. Earlier last week, it traded at an all-time high of over 18 pounds on the parallel black market. The floatation was followed just hours later with a hike in the price of fuel by between 30 and 46.8 percent, a move that had an immediate knock-on effect on the price of a wide range of food items and transport. Egypt and the IMF reached a provisional agreement on the $12 billion loan in August, but the IMF's executive board has yet to ratify the loan, which is likely to happen before the end of the year. Egyptian officials say the agreement with the IMF would restore investors' confidence and put the country on the path to economic recovery. Separately, shares on the Egyptian stock market rose on Sunday for the second successive business day, with the benchmark EGX30 rising by a 6.12 percent. It closed 3.35 percent up on Thursday. The floatation and the hike in fuel prices are part of a package of unpopular measures recently taken by President Abdel-Fattah el-Sissi's government to revive the economy, including the introduction of a 13-percent value added tax, higher sugar prices for ration card holders and a rise in the price of household electricity.