After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary Fund (IMF) before it eventually approved a $3 billion bailout package for Egypt. The IMF’s Key Condition A report has said that the official exchange rate of the Egyptian pound versus the U.S dollar plunged by 15% to 23.09 per dollar after the central bank announced the adoption of a more flexib ...
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