Egyptian pound sees largest single-day fall since IMF deal

CAIRO (AP) — Egypt’s Central Banks says the pound has seen its largest single-day slide since the government agreed to a $3 billion International Monetary Fund deal in late October. Wednesday’s sharp fall comes less than two weeks after Egypt and the IMF formally ratified the $3 billion support package. The deal was approved in exchange for a number of economic reforms implemented by the country’s Central Bank. Chief among these is a shift to a flexible exchange rate. The support package also allows for a further $14 billion in possible financing for the Middle Eastern country. The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, and the fallout from the war in Ukraine.