Egypt’s Pound Takes Yet Another Hit in Shift to Flexibility
Customers shop for fresh fruit and vegetables at the Al-Manhal market in the Nasr city district of Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
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Egypt’s pound extended its losses to depreciate as far as 24 to the US dollar for the first time, as speculation whirled over where the currency will level out after the North African country declared a landmark shift to a flexible exchange rate.