Egypt’s currency edges higher against the US dollar after price hikes

Associated Press

CAIRO (AP) — Egypt’s local currency is sliding against the U.S. dollar after recent increases in fuel prices and subway fares. The new exchange rates come a week after the International Monetary Fund (IMF) said it completed its third review of for Egypt, allowing the government to draw $820 million. That amount is part of a $8 billion bailout loan that is meant to help the country’s ailing economy.