This Wednesday, March 6, Cairo carried out a new massive devaluation of the Egyptian pound. The national currency rose from 31 pounds to the dollar to almost 50 pounds.
The currency lost 60% in a few hours against the dollar, the benchmark. Banks were almost unable to obtain dollars except through blocked deposits paying 7% interest on the American currency. Industries have come to a halt due to lack of spare parts. Meat, chicken, eggs, oil, sugar and unsubsidized bread saw their prices triple. It remains to be seen whether the pound will stabilize or continue to decline.