Egyptian pound plummets after interest rate hike, exchange rate change

Egypt is contending with high inflation as the central bank continues to look for a way out of the current crisis.
The Egyptian pound, British pound sterling and US dollar banknotes are seen in this photo, Aug. 25, 2022.
The Egyptian pound, British pound sterling and US dollar banknotes are seen in this photo, Aug. 25, 2022. - Khaled Desouki/AFP via Getty Images
Adam Lucente headshot (new)
Adam Lucente
@Adam_Lucente

The Egyptian pound fell to a new low against the US dollar today following two significant fiscal changes. 

What happened: The Central Bank of Egypt raised several key interest rates today by 2%, citing rising prices internationally. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more