The Egyptian pound plunged after the central bank moved to a flexible currency to help the government secure a deal with the International Monetary Fund.
According to data compiled by Bloomberg, the pound depreciated over 14% to a record low of 23.01 against the dollar, an all-time low. The central bank also raised official borrowing costs by 200 basis points.
Egypt will receive $5 billion from international partners, helping the country fill its external financing gaps. According to the IMF, Egypt requested $1 billion from a newly created sustainability fund.
Egypt had kept its currency stable at EGP 15 against the dollar for about two years.
Check out the latest USD to EGP exchange rate.
