EGYPT ECONOMY

Egypt's pound at record low against US dollar

epa10388858 People stand outside a currency exchange office with a large-scale image of the US dollar in Cairo, Egypt, 04 January 2023. The Egyptian pound dropped on 04 January to a record low against the US dollar at 26.3 Egyptian pounds to one US dollar, making a 6.4 percent drop on a single day and reaching the lowest level since the devaluation of the currency that occurred in October 2022. Meanwhile, two major state-owned banks issued a certificate with an annual interest rate of 25 percent, which is considered the highest interest in the Egyptian banking system EPA/KHALED ELFIQI

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