Egyptian currency fell this week to an unprecedented level, reaching 72 pounds to the dollar in the parallel market. Reports continue indicating that a devaluation of the currency is imminent in order to bring the official price closer to the parallel price.
Inflation reached a record level of 38% in September, before falling slightly to 34% at the end of last year, while rising prices left Egyptians struggling hard to cover their expenses. Former Director of the Egypt Department at the World Bank, Khaled Ikram, said, “The devaluation will come, but it will only be a bandage”