Africa
EGYPTIAN POUND HITS RECORD LOW OF 56 TO THE DOLLAR AS REGIONAL TENSIONS RATTLE MARKETS
The Egyptian pound fell to a record low of around 56 per U.S. dollar on Monday as investors reacted to heightened Middle East tensions and broader economic pressures facing Egypt. The country’s benchmark EGX30 stock index initially dropped roughly 2% before recovering some ground. The move came as parliament prepared to consider possible defensive support for Saudi Arabia, although the pound’s weakness also reflects longer-running pressures including external debt, hard-currency demand, energy imports and regional risks affecting tourism and Suez Canal revenue.
BigV•2h ago•1 min read