Egypt currency hits near-record low: Central Bank
2 Min Read
The exchange rate reached 19.6 pounds per dollar as trading ended.
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A man walks past a currency exchange shop displaying a giant US dollars banknote in downtown Cairo.( AFP)
The Egyptian pound fell to a record low against the US dollar on Thursday, trading at 19.6 pounds per dollar, as per data from the country's central bank.
The exchange rate reached 19.6 pounds per dollar as trading ended, while the selling rate was 19.49 pounds per dollar. The euro traded at around 19.05 pounds when buying and 18.94 pounds when selling, the bank's data showed.
The previous record was set in December 2016 at 19.56 pounds per dollar.
A look back
Egypt's Central Bank raised the key rate for the first time since 2020 in March, to 9.75%, and then to 11.75% in May, causing the Egyptian currency to fall against the dollar. Since March, the pound exchange rate has fallen by 25%.
It is worth noting that Egypt reportedly requested assistance from the International Monetary Fund in late March in order to implement a comprehensive economic program in the country.
Egyptian Finance Minister Mohamed Maait stated in August that a total of $22 billion in investments had fled Egypt, complicating debt servicing and further plunging the country into an economic crisis.
