Egypt’s currency hits a historic low following a significant increase in interest rates.

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.

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Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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