The Egyptian pound dropped to its lowest official rate last week when one US dollar began trading for 50 pounds. Before the latest drop, the dollar had been trading between 48 and 49 pounds.

The value of the Egyptian pound crashed on Wednesday after the country’s central bank floated the currency on international markets, while also hiking interest rates, in moves that are expected ...

The CBE announced it was raising its key rate by an unprecedented six points to a record 27.25 percent, which caused the Egyptian pound to fall by more than a third of its value against the dollar ...

Egypt is in the middle of an economic crisis. The seemingly free falling value of local currency following the “floating of the pound” last year has meant soaring living costs for ordinary ...