June 7, 2023

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Egyptian pound resumes 1.2% fall today through Investing.com

© Reuters.

Investing.com – After a slight rise against the US dollar yesterday, the pound fell again today, trading above 18.5 against the dollar.

The Egyptian pound lost 1.2% of its value against the dollar today after the International Monetary Fund confirmed new loan demand.

Since last Monday, the Egyptian central bank has raised interest rates by 100 basis points to 9.25%, after which the Egyptian pound fell more than 15% to 18 18 from 15.7 against the dollar. Dollar.

Egypt has been hit hard by the aftermath of the Russian war that raised food supplies.

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