Dizzying fall for the Egyptian pound which has lost, in the space of a few hours, 13% of its value.
After a record rate of record recorded last February, Egypt saw its currency drop from 15.7 to 17.8 pounds for a dollar, a loss of 13% of its value during this day on Monday, March 21, 2022.
In response, the Egyptian central bank met in an emergency to try to slow down the devaluation and noted the interest rates of a point.
In 2016, the country of the Pharaohs had already devalued its currency by almost 50% as part of an austerity plan decreed in exchange for a loan of 10.8 billion euros from the International Monetary Fund (IMF).
Noton that Egypt is largely impacted by the Russian-Ukrainian war since it imports 85% of its wheat and 73% of its sunflower oil from these two countries.
The Egyptian pound loses 13% of its value in one day
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