Egypt's Currency Crisis!

Egypt allowed its pound to tumble to a new low this week as the country struggles with a foreign currency crisis that is hurting businesses.The slump in the currency comes after Egypt agreed to move to a flexible currency regime as part of an IMF $3bn bailout intended to help relieve its foreign currency shortage.Since the central bank said it would move to a flexible currency rate in October, the pound has lost a third of its value as it has allowed it to devalue in phases. Analysts warn that it has further to fall until supply-demand equilibrium is restored to the foreign exchange market.The weakness of the Egyptian pound is adding to the pain of millions of Egyptians as it fuels inflationary pressure.Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle YouTube Channel Support the show