Egyptian Pound Has Lost Half Of Its Value Since March

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.


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Edited by Jesus Chan

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