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#united states dollar

As of Thursday, 5 January, the Egyptian pound has fallen to an all time low of EGP 27.25 against the United States dollar. This marks the most devastating devaluation since October 2022, and is yet another indication of the country’s severe scarcity of foreign currency. The new devaluation follows the International Monetary Fund’s (IMF) agreement to lend Cairo USD 3 billion (EGP 81.7 billion). The loan criteria stipulated Egypt adopt a free exchange rate regime with a flexible monetary policy;…