AMMAN — The Egyptian pound
dropped sharply to reach a historic low on Wednesday, at a rate of 30 Egyptian
pounds to one US dollar, or 41.94 pounds to one Jordanian dinar, Khaberni
reported.
اضافة اعلان
The decline in the value of the
Egyptian pound comes after the International Monetary Fund announced that Cairo
planned to permanently switch to a flexible exchange rate and raise fuel
prices.
Egypt’s economy witnessed several
spikes in its inflation rate last year; reaching its highest level since 2017.
Economists are expecting additional inflation increases due to the continued
weakness of the pound.
According to experts, the rise in
inflation has put an additional economic burden on tens of millions of
Egyptians, with an estimated 60 percent of the population of 100 million living
below or slightly above the poverty line.
According to statistics from the
Ministry of Labor, an estimated 500,000 Egyptian expatriates work in Jordan, including
those with work permits and those without work permits.
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