Egyptian pound plummets to record low amid economic struggles
Mar 7, 2024 #AlJazeeraEnglish #Egypt #IMF
The International Monetary Fund has approved an $8bn loan to Egypt.
The country's Prime
Mar 7, 2024 #AlJazeeraEnglish #Egypt #IMF
The International Monetary Fund has approved an $8bn loan to Egypt.
The country's Prime Minister says the deal will help restore economic stability.
The announcement came as the Egyptian pound plummetted to a record low against the US dollar.
Egypt's central bank has hiked interest rates by 600 points.
Devaluation was one of the IMF's key demands for Egypt.
Al Jazeera’s Mohamed Vall reports.
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