He underscored that unifying the exchange rate of the Egyptian pound is essential in reducing the heightened demand for foreign currency. The devaluation of the Egyptian currency brings an end to months of speculation regarding the timing of Egypt's currency devaluation. Huge foreign currency inflowsThe devaluation follows Egypt's recent signing of a colossal $35 billion agreement with the Abu Dhabi Developmental Holding Company, representing the largest foreign direct investment in the country's history. This investment is crucial amid a foreign currency shortage that Egypt has been grappling with over the past two years. Moody's, a global credit rating agency, has anticipated that the IMF will enhance Egypt's loan program to $10 billion.

Source: Egypt Today March 06, 2024 14:06 UTC