For the fourth occasion since early 2022, Egypt has devalued its currency, prompted by a substantial interest rate hike by the central bank.
The Egyptian pound experienced a steep decline of approximately 26.5%, reaching a record low of 42 against the dollar by 10:35 a.m. in Cairo on Wednesday, compared to its previous trading level of about 30.9 over the past year. Just moments before, the central bank had raised interest rates.
