Pound Plunge: Egypt's Currency Challenge Amid IMF Deal

The Egyptian pound has weakened beyond the 50 mark against the dollar for the first time since March. This shift follows Egypt's $8 billion deal with the IMF, and comes ahead of significant treasury bill maturities. Investor confidence hinges on the government's progression with economic reforms.

The Egyptian pound continued its slide, closing at 50.0024 to the dollar on Thursday, marking a significant psychological barrier breach since March, per Egypt's central bank.

This currency depreciation follows the nation's $8 billion IMF financial support agreement from March 6, promising a market-determined exchange rate.

Upcoming maturing of treasury bills, foreign investor movements, and governmental reform efforts are pivotal in shaping the economic landscape.

(With inputs from agencies.)