Egypt pound falls to weakest in almost 7 years

DNE
DNE
0 Min Read

CAIRO: The Egyptian pound was bid as weak as 6.0036 to the US dollar on Tuesday, its lowest in almost seven years, as the country’s deepening funding crisis overshadowed a smooth start to a parliamentary election.

The central bank spent almost $2 billion of its foreign reserves in October, partly to support the currency, traders say. The pound was at its weakest since January 2005.

 

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