The currency depreciated by more than 13 percent as the central bank introduces flexible exchange rate.
Egypt’s pound weakened by more than 13 percent to a new low below 32 to the US dollar on Wednesday, losing its value by half since March as the central bank moved to a more flexible exchange rate under the terms of an International Monetary Fund (IMF) financial support package.
The devaluation, representing a drop of about 50 percent against the dollar over the 10-month period, comes as the price of imported food and other goods soars in the Arab world’s most populous country.
Read more at Aljazeera.com
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Edited by Jesus Chan
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