Sisi: It is Unlikely to Decrease the Currency Value Again

Egyptian President Abdel Fattah el-Sisi stated that "it is unlikely to reduce the value of the currency again, as this step could harm national security and citizens." Egypt has devalued the pound by approximately 50% since February 2022, after the Russian invasion of Ukraine led to the exit of foreign investors from the Egyptian treasury market and a severe shortage of foreign currency. Egypt promised to allow supply and demand to determine the currency's exchange rate as part of a $3 billion bailout agreement signed with the International Monetary Fund in December.