Egyptian pound drops nearly 14pc

CAIRO: Egypt’s pound depreciated by almost 14% on Monday after weeks of pressure on the currency as foreign investors pulled out billions of dollars from Egyptian treasury markets following Russia’s invasion of Ukraine.

The pound dropped to 18.17-18.27 against the dollar, Refinitiv data showed, after having traded at around 15.7 pounds to the dollar since November 2020.

The central bank also hiked overnight interest rates by 100 basis points in a surprise monetary policy meeting.

Egypt has been in discussions with the International Monetary Fund about possible assistance, people close to the negotiations have said, but it has not announced any formal request.