Egypt devalues currency after Ukraine war prompts dollar flight

Pressure on pound: An Egyptian woman shops at a fruit market in Cairo. The central bank governor says the pound has undergone a ‘correction’, that reflects world and local developments. — AFP

CAIRO: Egypt devalued its pound by 14% on Monday after Russia’s invasion of Ukraine prompted foreign investors to pull billions of dollars out of Egyptian treasury markets, putting pressure on the currency.

The pound dropped to 18.17-18.27 (US$1 or RM4.21) to against the dollar, Refinitiv data showed, after having traded at around 15.7 pounds (RM3.63) to the dollar since November 2020.