Sharjah24 – AFP: The Egyptian pound plunged on Monday to a near all-time low of more than 19 to the dollar, in the world's number one wheat importer where prices have soared.
Egypt's currency has not fallen so sharply since December 2016 when it hit 19.3 to the US greenback after a drastic devaluation.
The central bank on Monday was buying one dollar for 19.01 pounds, compared with a rate of 15.6 in March. That amounts to a drop of about 22 percent.
In late March, inflation-hit Egypt also devalued its currency, which lost around 18 percent of its value overnight.
Foreign currency reserves fell more than $7 billion in April and May to stand at $33.4 billion at the end of June, as a result of moves "to calm the markets" as well as "external debt repayments", the central bank said at the time.
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