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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Egyptian Pound Slides Further After Central Bank’s Moves

United States Central Bank of Egypt Ukraine Russia
Stacks of money are pictured as an employee counts them at a bank in Cairo September 4, 2014. (Reuters)

The Egyptian pound slipped further against the dollar on Wednesday, after Egypt’s Central Bank raised its main interest rate and devalued the local currency by 14%.

The moves by the Central Bank of Egypt came to face inflationary pressures triggered by the coronavirus pandemic and Russia’s war in Ukraine, which hiked oil prices to record highs.

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