BREAKING: Egypt’s pound hits new low against dollar, nears EGP 32

Egypt’s pound currency has plunged to an all-time low of EGP 30.90 against the U.S. dollar on Wednesday after the International Monetary Fund (IMF) said authorities are committed to a flexible exchange rate.

The currency was down to EGP 31.86 for buying and EGP 31.90 for selling during midday trade as of 13:04 p.m. in Cairo at the Abu Dhabi Islamic Bank – Egypt (ADIB Egypt).

At Faisal Islamic Bank of Egypt and Emirates NBD Egypt, the pound traded at EGP 31.80 for buying and EGP 31.90 for selling.

Meanwhile, at the National Bank of Egypt (NBE), the Egyptian currency recorded EGP 31.65 for buying and EGP 31.75 for selling.