Egypt's currency halves in value in 10 months

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Egypt's currency halves in value in 10 months

STORY: Egypt's currency halves in value in 10 months DATELINE: Jan. 12, 2022 LENGTH: 0:01:05 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egyptian pound 2. various of banks in Egypt STORYLINE: The Egyptian pound further declined against the U.S. dollar on Wednesday, plunging to below 31 pounds to the dollar before settling at 29.7 in the afternoon. The Egyptian local currency has lost about half of its value since March 2022, when a dollar was worth about 15.7 pounds. Egypt devalued its local currency twice in 2022, the latest of which was in late October. The devaluation is part of the country's "shift to a durable exchange rate regime" demanded by the International Monetary Fund (IMF), which has recently approved a loan of 3 billion dollars to Egypt to finance its economic and structural reforms. Over the past year, Egypt has been facing soaring inflation driven by the global hike in food and energy prices. Egyptian annual urban consumer inflation rose to 21.3 percent in December compar

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