Egypt's Pound Continues to Plummet in 2023.

The Egyptian pound has fallen almost 20% against the US dollar since the start of the year, making it the sixth worst performing currency in 2023. Experts predict that the currency may still have room to plummet further due to the economic woes plaguing the country, including skyrocketing inflation and ongoing FX liquidity shortages. The International Monetary Fund approved a $3 billion loan to salvage Egypt's ailing economy, but it is contingent on the country's commitment toward economic reform over the next four years, including embracing a flexible exchange rate.