BREAKING: Egypt devalues local currency fourth time in 2015
Egypt’s central bank has allowed Sunday the Egyptian pound to weaken in its latest dollar sale to 7.9301 per dollar from 7.83 last Thursday, October 15th, 2015.
The pound fell once again 1.3 percent (10 piasters) to 7. 9301 per dollar buy side and 8.0301 sell side.
Egypt has been faced with a currency crisis exacerbated by what many economists consider to be an overvalued pound, the maintenance of which has cost the country billions in currency reserves since the 2011 uprising.
Foreign currency reserves, which stood at about $36 billion before the 2011 uprising, were $16.335 billion at the end of September despite billions of dollars in Gulf Arab aid since mid-2013.
