Egypt devalued the pound, so it touched the level of 50 pounds to the dollar, and also raised the interest rate, reaching 27.25% (Reuters) The price of the dollar on the black market was the talk of the people in Egypt. The government’s situation was not in the best of individuals and institutions, as foreign debt obligations haunted it.
The decision will have a negative impact on institutions and merchants who rely on bank financing, because this will lead to an increase in production costs and a decline in their ability to compete.