The Egyptian pound plunged to a record low on Wednesday, heading for its biggest slump since the aftermath of the North African nation’s devaluation in late October.
The currency has remained under pressure as Egypt faces its worst foreign-exchange crunch in half a decade. It slid 4 percent to 25.8 per dollar in the offshore market as of 12:10 p.m. in Cairo, according to data compiled by Bloomberg.
Egypt devalued its currency twice in 2022, with a pledge in October to adopt a flexible exchange-rate policy eventually helping the country clinch a $3 billion loan from the International Monetary Fund.
The central bank last week revoked a requirement for importers to secure letters of credit, a rule that had been blamed for a massive backlog at ports.
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