The Egyptian pound has fallen to its lowest level in eight months, driven by surging demand for the local currency and a broader sell-off in emerging markets, according to Bloomberg.
The currency's current valuation against the U.S. dollar mirrors the levels seen after Egypt's significant 40% devaluation in March, aimed at attracting foreign investment.
Meanwhile, Egypt's Central Bank has opted to maintain its interest rates at an elevated level of over 27%.
The state of Egypt's economy has come into sharp focus as the International Monetary Fund (IMF) concludes its latest program review in the country. In March, the IMF agreed to expand its loan package for Egypt from $3 billion to $8 billion.
To secure the funds, Egypt has committed to various economic reforms, including currency devaluation, cutting government spending, and raising interest rates. Passing the current review would unlock an additional $1.3 billion in funding. Negotiations are expected to wrap up this Friday.
Ivanna Vladkova Hollar, the IMF official leading discussions with Egyptian authorities, emphasized in a recent statement that "going forward, the focus needs to remain on ensuring inflation is on a firm downward trend toward the medium-term target."
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