Egyptian pound hits record low amid Middle East tensions

The Egyptian pound has plunged to its lowest level since the 2021 devaluation, dropping to EGP 52.2 per US dollar, Bloomberg reports.

The currency has been under pressure since February, fueled by growing concerns over the Middle East conflict.

Egypt’s stock market has also suffered, with the EGX30 index falling nearly 1.6%, bringing month-to-date losses to around 5%.