Egypt devalues currency for fourth time in 2yrs after jumbo rate hike

Egypt learns how not to float a currency from Nigeria’s mistakes

Egypt devalued its currency for the fourth time since 2022 on Wednesday following a record 600 basis point hike in interest rates by the central bank. The Egyptian pound declined 26.5 percent to a record low of 42 per dollar as of 10:35 a.m. in Cairo on Wednesday, having traded at about 30.9 for

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