Egypt’s currency edges higher against the US dollar after price hikes
Egypt's local currency is sliding against the U.S. dollar after recent increases in fuel prices and subway fares
CAIRO (AP) — The Egyptian pound is sliding against foreign currencies, inching nearer to 50 per U.S. dollar after a recent hike in subway fares and fuel prices.
The currency reached 49.16 to the U.S. dollar Tuesday, the Central Bank of Egypt posted on its website.
In June and July, the Egyptian pound ranged between 47 and 48 to the dollar after it floated in March and lost around 60% of its value, down as low as around 30 to the dollar.
The new exchange rates come a week after the International Monetary Fund (IMF) completed its third financial review of Egypt, allowing the government to draw $820 million. That amount is part of a $8 billion bailout loan intended to support Egypt’s ailing economy, slowed by a shortage of foreign currency, skyrocketing inflation, and turmoil in the Red Sea due to attacks by Yemen’s Houthi rebels.
