Another Black Market Record for Plunging Egypt Currency: Chart

Egypt’s pound dropped to 16.11 per dollar in the black market, another record that extends declines over the past month to 19 percent as pressure grows on the country to weaken its currency to lure foreign investment and stimulate growth. Africa’s third-biggest economy, where the official exchange rate is 8.88 per dollar, will close a $12 billion lifeline from the International Monetary Fund within two months, according to Prime Minister Sherif Ismail.

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