9 votes

Egyptians are buying and selling gold just to stay afloat

Posted by BitsMcBytes
Tags: economics, egypt, economy, financial crisis, commodities, metals.precious, gold, inflation, money, prices, author.vivian yee, author.nada rashwan, source.the new york times, paywall
https://www.nytimes.com/2024/03/05/world/middleeast/egypt-economic-crisis-gold-price.html

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Published
Mar 5 2024
Word count
1557 words

3 comments

  1. [2]
    BitsMcBytes
    Link
    Egyptian Pound fell 38% against the US Dollar today.

    Egyptian Pound fell 38% against the US Dollar today.

    4 votes
    1. JCPhoenix
      Link Parent
      Looks like they floated their currency as part of IMF reforms.

      Looks like they floated their currency as part of IMF reforms.

      Egypt struck a deal with the International Monetary Fund to extend the country an $8 billion loan, hours after allowing its currency to float freely and raising interest rates in a surprise bid to win back foreign investors as its economy comes under pressure from the war in Gaza.

      The Egyptian pound lost about 38% of its value against the U.S. dollar after the currency announcement, despite the Central Bank of Egypt raising key interest rates. The pound last traded at 49 pounds to one U.S. dollar, from about 30 the previous day.

      1 vote