Egypt Central Bank: Pound slips to new low against dollar
CAIRO (AP) — Egypt’s Central Bank says the pound has dipped to a new low of just over 30 for $1 dollar as the cash-strapped North African country continues to battle surging inflation and foreign currency shortages. Monday’s slide is the latest in a series of tumbles following the country’s $3 billion International Monetary Fund bail-out package ratified in mid-December. The IMF agreed to the deal in exchange for Cairo implementing a number of sweeping economic reforms. Among these included a shift to a flexible exchange rate. The deal allows for a further $14 billion in possible financing for Egypt. Since January 2022 the Egyptian pound has lost around 50% of its value against the dollar.