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Egyptian pound hits record low against US dollar

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The value of Egypt’s currency plummeted to a record low against the US dollar on Wednesday as the country continues to battle surging inflation.

Decisions in recent months by the country’s Central Bank to raise the main interest rate and devalue the Egyptian pound have set off an economic shock that has affected millions of residents.

Hanan Ramsis, an economic analyst explains the effects of the event:  “Today a complete floatation happened to the pound against the U.S. dollar and its (dollar) value increased today more than one time (during the day) reaching 30 pounds for one dollar, the effect of this on the Egyptian street is that the person who is saving and collecting dollars might start to relinquish the dollars and change it to Egyptian pound and this might balance the exchange rate.”

“This crisis will end when people who have been collecting dollars start to relinquish the dollars and change it to Egyptian pound and when the state manages to raise its foreign cash reserves to $45 billion….

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