Tag: Pound
Egypt gets $925 million from foreign investors after currency devaluation
Egypt received over $925 million in foreign-exchange inflows since 11 January 2023 when the pound plunged by 16% to an all-time low of 32.1...
Egyptian pound plunges to record low against the US dollar
Egypt’s pound plunged further on Wednesday reaching a record low of 31.4 to the dollar as the North African country moved to a more...
Egypt’s inflation accelerates to 21.3% as currency rout deepens
Egypt’s annual urban consumer inflation accelerated to 21.3% year-on-year in December, the fastest in almost five years, as the North African country struggle with...
Egyptian authorities cancel letters of credit for importers. Here’s why
Egypt said Thursday that it had scrapped a requirement for importers to secure letters of credit as part of the government’s broader strategy to...
IMF reportedly expects Egypt to switch to flexible exchange end of December
The International Monetary Fund (IMF) is expecting Egyptian authorities to switch to a flexible exchange rate after a requirement to finance imports through letters...
Egypt’s non-oil private sector shrinks further in November after devaluation
Egypt witnessed a deterioration in business conditions in November, the sharpest since the outbreak of the pandemic in early 2020, as inflationary pressures undermined...
Egypt’s net foreign reserves rise slightly to $33.4 billion in October
Egypt’s net foreign reserves increased slightly for the second month in a row last month as the North African country awaits the increase in...
Egypt devalues pound again, clinches $3 billion IMF deal
Egypt’s pound plunged to a record low against the dollar on Thursday after the central bank unveiled plans to move to a more flexible...
Egypt reportedly backing flexible pound amid devaluation calls and IMF talks
Egypt is now backing a more flexible currency to support its economy, a top-level government official said Tuesday, as the Arab world’s most populous...