Egyptian pound sees largest single-day fall since IMF deal
Egypt's Central Banks says the pound has seen its largest single-day slide since the government agreed to a $3 billion International Monetary Fund deal in late October
CAIRO (AP) — The Egyptian pound tumbled on Wednesday in its largest single-day slide since the cash-strapped government agreed to a $3 billion International Monetary Fund deal in mid-December, authorities said.
The pound fell from around 24.7 for $1 to just over 26.3 against the dollar, some three weeks after Egypt and the IMF formally ratified the support package, approved in exchange for a number of economic reforms implemented by the country’s Central Bank, including a shift to a flexible exchange rate.
The package allows for a further $14 billion in possible financing for Egypt.
The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, and the fallout from the war in Ukraine. Egypt is the world’s largest wheat importer, with most of its imports having traditionally come from eastern Europe.
