Egypt's pound plunges to historic low with IMF deal

Egypt has agreed to allow its currency to float in order to receive $3 billion from the International Monetary Fund.
Chris McGrath/Getty Images
Customers hold out subsidy cards as they buy fresh bread on Dec. 15, 2016, in Cairo, Egypt. - Chris McGrath/Getty Images
Adam Lucente headshot (new)
Adam Lucente
@Adam_Lucente

The Egyptian pound dropped to another record low on Wednesday as the country moves forward with an International Monetary Fund deal. 

The currency traded at more than 30 pounds to the dollar Wednesday before dropping back to around 27, according to the currency website Xe. 

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