Egypt's pound is among the worst performing currencies in 2023. And it's expected to plummet further
Publishing timestamp: 2023-04-04 22:45:23
Summary
Egypt's pound has lost more than half its value in 2022 and currently ranks as the sixth worst performing currency since the start of the year. The country's headline inflation hit a more than five-year high in February, skyrocketing 31.9% year-on-year driven by soaring food prices, which have been exacerbated by the war in Ukraine. Experts predict that the currency may still have room to plummet further due to the economic woes plaguing the country. The International Monetary Fund approved a $3 billion loan to salvage Egypt's ailing economy, but it is contingent on the country's commitment toward economic reform over the next four years, including embracing a flexible exchange rate.
Sentiment: NEGATIVE
Keywords: business news, prices, inflation, world economy, forex markets, economic events, egypt, gbp/usd, currency markets,