Mikkel Rosenvold
11 weeks ago

Cash-strapped Egypt devaluates currency

Good news for tourists?
Close-up of a pair of hands holding Egyptian currency.
AhmedAdel, Shutterstock.

Most recently, the Egyptian authorities have allowed their currency, the Egyptian pound, to devaluate more than 38% in an order to attract new loans from the International Monetary Fund. Additionally, Egypt hiked interest rates by 600 basis-points in order to shore up its balances, Bloomberg says.

The devaluation could be great news for tourists visiting the sunny resorts and historical sights of Egypt. A devaluation of around 40% means that you simply get more Egyptian Pounds for every dollar or Euro you turn into the local currency exchange, effectively making everything from hotels to local dining cheaper. For the local egyptians, however, imported goods such as electronics, clothes and specialty foods will become much more expensive to buy because of the lower value of the Egyptian Pound.

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