Egyptian pound falls to historic low

The Egyptian pound fell to an all-time low, depreciating more than 84% against the US dollar, Report informs via TASS.

According to the tracking service Refinitiv, one US dollar was worth 30 Egyptian pounds on the offshore market on Wednesday.

The Central Bank's official rate on Wednesday was set at around 27.59 pounds per dollar, the selling rate of the dollar - 27.67. Two state-owned banks in Egypt - National Bank of Egypt and Banque Misr - set the dollar purchase rate at around 29 pounds.

The fall of the national currency began in March 2022 after the Central Bank decided to switch to a more flexible currency policy. At the end of October, the Egyptian pound fell by 15% against the dollar and hit a historic low. In March, the dollar was worth 15.6 Egyptian pounds.