Central Bank of Egypt grapples with falling currency

egypt flag

The Egyptian pound has continued a downward slide following auctions today (January 3) by the Central Bank of Egypt, as political difficulties continue to feed into economic weakness in the country.

The decline in the Egyptian pound sharpened notably this week, as the currency lost 3.8% against the US dollar. The Egyptian pound has fallen steadily during the past 12 months, and is down 6.5% against the US dollar since January 2012.

Market watchers are concerned that political turmoil in Egypt is

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