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  • 08-01-23

    Egyptian pound experiences biggest single-day drop since IMF agreement

    (MENAFN) The Egyptian pound plummeted this week in its biggest single-day drop since the cash-strapped administration accepted a USD3 billion International Monetary Fund agreement in mid-December, as stated by authorities.

    The pound dropped from nearly 24.7 for USD1 to barley higher than 26.3 in comparison with the dollar, some three weeks following Egypt and the IMF officially ratified the backing package, accepted in trade for a number of financial reforms forced by the nation’s Central Bank, such as a shift to a flexible trading price.

    The package allows for an additional USD14 billion in potential investing for Egypt.

    The Egyptian economy has been struck massively by years of administration austerity, the coronavirus epidemic, and the effect from the conflict in Ukraine. Egypt is the biggest wheat importer across the whole world, with most of its imports having mainly coming from eastern Europe.

    Since the beginning of last year, the Egyptian pound has dropped over 40 percent of its worth versus the dollar, with the nation right now dealing with a foreign currency deficiency.

    MENAFN08012023000045014228ID1105397331

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