After a new intervention of the Central Bank, in particular to meet the criteria of the IMF, the Egyptian pound was exchanged on Wednesday at half its value, compared to that of March. And the devaluations could continue, according to some experts.
Half its value, compared to March. This is what the Egyptian pound represented on Wednesday, after the third intervention of the Central Bank, dictated by a new loan from the International Monetary Fund (IMF). This new devaluation – to 31.95 pounds (1.076 euros) for a dollar in the morning before rising again in the early afternoon to 29.8 pounds for a dollar – further affects the 104 million Egyptians, in a country where most goods are imported.
Source: Jeune Afrique