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FinancialNews
12-01-23
Egypt pound loses 50 percent of its worth since March due to IMF loan agreement
(MENAFN) The Egyptian pound was exchanging Wednesday at 50 percent of its worth from March following the central bank interfered for a third time as part of an International Monetary Fund loan deal, as said by AFP.
The devaluation, signifying a fall of about 50 percent versus the dollar more than the 10-month time span, comes as the expense of imported food as well as other commodities is climbing in the nation of 104 million.
The Egyptian pound declined to 31.95 pounds to the greenback in state banks on Wednesday before regaining somewhat in the early afternoon to 29.8 pounds versus the dollar.
Egypt’s economy was struck massively following Russia’s attack on Ukraine last February disturbing worldwide financers and triggered them to withdrew billions out of the North African nation.
The conflict sent wheat rates going off the charts— massively effecting Egypt, one of the glob’s biggest grain importers, and piling weights on its foreign currency reserves.
MENAFN12012023000045014228ID1105418557
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