Egypt’s currency halved in value since March

Egypt’s currency halved in value since March

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.

By AFP Published: Wed 11 Jan 2023, 6:30 PM

The Egyptian pound was trading Wednesday at half its value from March after the central bank intervened for a third time as part of an International Monetary Fund 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.

Experts say the devaluation could continue, with the pound trading at around 35 to the dollar on the parallel market.

Egypt's economy was hit hard after Russia's invasion of Ukraine last February unsettled global investors and led them to pull billions out