Egyptian pound drops to $26.49 in early 2023

Posted on January 9, 2023   |  

The pound fell from 24.7 for $1 to over 26.3 against the dollar, less than 2 weeks after Egypt and the IMF formally approved the support package in exchange for several economic reforms implemented by the country's Central Bank.

The package allows for an additional $14 billion in financing for Egypt as the Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, and the fallout from the war in Ukraine.