Egypt’s currency halved in value since March
- Date: 12-Jan-2023
- Source: Jordan Times
- Sector:Financial Markets
- Country:Egypt
Egypt’s currency halved in value since March
CAIRO — The Egyptian pound was trading on Wednesday at half its value from March after the central bank intervened for a third time as part of an International Monetary Fund (IMF) loan agreement.
The devaluation, representing a drop of around 50 per cent against the dollar over the 10-month period, comes as the price of imported food and other goods is soaring in the country of 104 million.
The Egyptian pound plunged to 31.95 pounds to the dollar in state banks on Wednesday before recovering somewhat in the early afternoon to 29.8 pounds against the greenback.
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