This country’s currency has fallen to a record low

16:50 - 11.01.2023

January 11, Fineko/abc.az. The Egyptian pound has collapsed to a historic low, depreciating more than by 84% against the US dollar.

ABC.AZ reports that according to tracking service Refinitiv, one dollar on the offshore market on Wednesday cost 30 Egyptian pounds.

The official exchange rate of the Central Bank on Wednesday was set at 27.59 pounds per dollar, the dollar sale rate was 27.67. Two state-owned banks in Egypt - National Bank of Egypt and Banque Misr - have set the dollar purchase rate at around 29 pounds.

The fall of the national currency began in March 2022 after the Central Bank decided to switch to more flexible currency regime.

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