Egypt's Currency Crisis!

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Egypt allowed its pound to tumble to a new low this week as the country struggles with a foreign currency crisis that is hurting businesses.

The slump in the currency comes after Egypt agreed to move to a flexible currency regime as part of an IMF $3bn bailout intended to help relieve its foreign currency shortage.

Since the central bank said it would move to a flexible currency rate in October, the pound has lost a third of its value as it has allowed it to devalue in phases. Analysts warn that it has further to fall until supply-demand equilibrium is restored to the foreign exchange market.

The weakness of the Egyptian pound is adding to the pain of millions of Egyptians as it fuels inflationary pressure.


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