The Egyptian pound witnesses a historic low on Wednesday, hitting LE30 versus the US dollar in the money markets. Egypt devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund (IMF) and secure a three-year US$12 billion loan from the fund. “Egypt devalued its currency twice in 2022, with a pledge in October to adopt a flexible exchange rate policy eventually helping the country to clinch a $3 billion loan from the IMF,” according to Bloomberg. Egypt’s IMF-supported program presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sec
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