The Egyptian pound stabilized at about 49.5 pounds to the dollar as the market opened today. The Central Bank allowed the currency to depreciate and pledged to switch to a more flexible exchange rate system.
The devaluation and the agreement with the International Monetary Fund come two weeks after Egypt signed an investment deal with the UAE. So far since early 2022, when foreign currency shortages worsened, the pound has lost more than two-thirds of its value against the dollar in a series of currency devaluations.