#reserves
The Egyptian pound has hit record lows against the US dollar, with traders announcing rates of between EGP 11.85 to 12.05 on Thursday, Reuters reported. The drop in the EGP's value against the greenback comes amid speculation that a currency devaluation is in the pipeline, particularly following statements from Central Bank governor Tarek Amer saying that, while floating the pound is currently not possible, a second devaluation "depends on what the bank thinks at the appropriate time." Amer devalued the…
