Egypt currency near record low

The Egyptian pound plunges to a near all-time low of more than 19 to the dollar, in the world’s number one wheat importer where prices have soared.

Egypt’s currency has not fallen so sharply since December 2016, when it hit 19.3 to the US greenback after a drastic devaluation.

The central bank is buying one dollar for 19.01 pounds, compared with a rate of 15.6 in March. That amounts to a drop of about 22 percent.

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