Government's Unprecedented Move Leads to Sharp Devaluation of Egypt Pound

Government's Unprecedented Decision

In a surprising move, Egyptian officials have decided to let the market forces dictate the value of the Egyptian pound, resulting in a sharp depreciation of the currency.

Record Increase in Interest Rates

The government also implemented a significant hike in interest rates in an attempt to bring stability to the struggling economy.

• Impact: The pound tumbled by more than a third within hours, signaling a major shift in the country's economic strategy.