Egypt devalued its currency by more than 30%, rates increased by 600 basis points

Daily Current Affairs / Egypt devalued its currency by more than 30%, rates increased by 600 basis points

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Category : Business and economics Published on: March 11 2024

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Egypt devalues its currency, the pound, to a record low of 42 per dollar following a significant interest rate hike by the central bank.
This marks the fourth devaluation since early 2022, with the pound plummeting approximately 26.5% and trading at about 30.9 for the past year.
The central bank's decision to raise rates by 600 basis points to 27.25% aims to address inflation nearing 30% and to unify the nation's exchange rates, crucial for securing a new multi-billion-dollar loan from the International Monetary Fund.