Egypt’s Pound Falls to Lowest Since March as IMF Review Goes On
- Pound at 49.8 per dollar, near level after steep devaluation
- The IMF should finish loan review in days, Egyptian PM says
Egypt’s pound is trading at about 49.8 against the US currency.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.
The pound is trading at about 49.8 against the US currency, its weakest since Egypt let it plunge nearly 40% in a bid to attract foreign funding and stem a two-year economic crisis.