Egypt's currency slips to 18.50 pounds to the dollar - in pictures

Russia's invasion of Ukraine prompted foreign investors to pull billions of dollars out of Egyptian treasury markets, putting pressure on the Egyptian pound

On Monday, Egypt devalued the currency from 15.7 pounds to the dollar, where it had remained mostly steady since November 2020. AP Photo

The Egyptian pound slid to about 18.50 to the US dollar on Tuesday from 18.27, a day after the country devalued its currency by 14 per cent, Refinitiv data showed. EPA

The latest depreciation brings the total devaluation since Monday morning to slightly more than 15 per cent, close to the amount by which at least some analysts had estimated it was overvalued. EPA

Egypt plans to restructure its public budget for fiscal year 2022/23 to cope with the global crisis resulting from the war in Ukraine, a cabinet statement said. Reuters

The Egyptian Prime Minister Moustafa Madbouly said: 'Prices increased in an unprecedented way. We saw how fuel and food prices have significantly increased which put a huge pressure on our resources because now, we need to secure as much resources as we can to provide needed goods.' Reuters

'Prices are still the same over the past 10 days or two weeks. There are goods now sold at somehow reduced prices in government-owned shops in order to beat [traders] who raise prices, who use this opportunity [currency devaluation] to raise prices. This is a good step by the government to support citizens,' said one Egyptian citizen. Reuters

The central bank raised its overnight lending and borrowing rates by one percentage point, state banks began selling one-year certificates of deposit to the public with a yield of 18 per cent and the government announced an economic relief package. Reuters

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