Egyptian pound slides further after central bank’s moves
By SAMY MAGDY
Associated Press
CAIRO (AP) — The Egyptian pound has slipped further against the dollar, after Egypt’s Central Bank raised its main interest rate and devalued the local currency by 14%. Banks Wednesday were selling the U.S. currency at more than 18.5 pounds while buying it at over 18.45. That’s up from an average of 15.6 pounds for $1 before the central bank’s decisions on Monday. The moves by the Central Bank of Egypt came to face inflationary pressures triggered by the coronavirus pandemic and Russia’s war in Ukraine, which hiked oil prices to record highs.
