Egypt’s economy took a new hit on Wednesday as the Egyptian pound weakened by over 13% against the U.S. dollar. This marks a new low for the pound, which now sits between 29.5 to 32 to the dollar.
The central bank moved to a more flexible exchange rate as part of an agreement with the International Monetary Fund for financial support.
Experts are now speculating about the potential future of the pound, with some analysts holding out hope that the weaker currency may attract foreign investment and encourage Egyptians working abroad to send more of their savings back to their home country. However, it remains to be seen how this change will impact the overall economy and the lives of Egyptian citizens.
Follow USD to EGP exchange rate live.