All Things Newz
Business

Egyptian pound weakens the most in four months

[ad_1]

Article content

CAIRO — Egypt weakened its currency on Monday by the most in more than four months, with the Egyptian pound falling by more than 0.10 pounds to the dollar, according to Refinitiv data.

The pound was trading at 19.62 to the dollar at 1337 GMT, down from 19.49 at the open.

Article content

Foreign currency has dried up in Egypt over the last six months, forcing banks and importers to scramble to find dollars to pay for imports and putting pressure on the central bank to let its value weaken.

Dollars have disappeared in part because of the higher cost of imported commodities, a drop in Russian and Ukrainian tourists and a flight of dollars from Egyptian treasury markets.

The last time the central bank allowed the currency to weaken so quickly was from May 22 to May 25, when it fell by 0.34 pounds against the dollar in three days.

The pound weakened to a record low on Dec. 21, 2016, when it traded at 19.80 pounds per dollar during intraday trade, according to Refinitiv. But in subsequent years it rebounded.

Egypt since March has been negotiating a financial support package from the IMF, which has long been urging it to allow greater exchange rate variability. (Reporting by Patrick Werr Editing by Mark Potter)

[ad_2]

Source link

Related posts

Struggling Hog Farmer to Piggyback on China’s Clean Energy Drive

Yemen’s HSA pledges $1.2 mln to U.N. drive to avert tanker oil spill

Oil mixed amid weak China economic data, hopes for better 2023