ALBAWABA - The Egyptian pound tumbled in its largest single-day slide since the government agreed to a $3 billion International Monetary Fund deal in mid-December, authorities said on Thursday.
The pound fell from around 24.7 for $1 to just over 26.3 against the dollar, some three weeks after Egypt and the IMF formally ratified the support package.
Since the start of 2022, the Egyptian pound has lost more than 60 percent of its value against the dollar, with the country currently facing a foreign currency shortage.
The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, and the fallout from the war in Ukraine, as Egypt is the world's largest wheat importer.
In recent months, Egypt has also been beset by rising inflation, with the annual rate reaching above 18 percent in November with the Central Bank trying to curb inflation by raising interest rates.
In an attempt to rein in inflation, the National Bank of Egypt and Banque Misr announced they were offering yield saving certificates with 25 percent interest rates.
