Egyptian Pound Devalued to Record Low against the US Dollar ...Egypt

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Egyptian Pound Devalued to Record Low against the US Dollar
Photo Credit: The Guardian The Egyptian Pound has slid by more than 14 percent against the United States’ Dollar as of Thursday 27, October, reaching an all-time low at EGP 22.8 for every USD 1. While Egypt has secured a loan from the International Monetary Fund amid major economic strife, this devaluation is forecasted to increase over the coming months, according to the Abu Dhabi Commercial Bank PJSC. This drop follows a depreciation in March, which saw the pound slip an initial 14 percent. Bloomberg Economics estimates the pound needs to weaken to EGP 24.6 per USD 1 “to bring Egypt’s trade deficit to a reasonable level.” The Central Bank of Egypt (CBE) has responded by announcing a two pe

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