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Egypt’s Pound Plunges to New Low as Trump Tariffs Roil Markets - BLOOMBERG
By Mirette Magdy and Tarek El-Tablawy
Egypt’s currency plunged the most since last year’s devaluation to hit a record low after US President Donald Trump’s tariffs roiled global markets.
The pound fell more than 2% on the offshore market, before paring some of its losses to trade at 51.43 per dollar at 12:10 p.m. in Cairo on Monday. It was the biggest decline since authorities in March 2024 enacted a steep devaluation to tackle a chronic foreign-exchange shortage and secure an expanded International Monetary Fund program.
