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.

ArabMLS Founder

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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