Egyptian currency sinks to new low

January 2, 2013 15:02


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

CAIRO - The Egyptian pound slid to a fresh record and debt insurance costs surged on Wednesday despite new central bank rules aimed at slowing the currency's fall and the depletion of its foreign exchange reserves.

The economy sank into crisis after the fall of Hosni Mubarak in 2011 but a new bout of political turmoil in the last month has sent Egyptians scrambling to swap pounds for US dollars.

The finance minister said on Wednesday he expected the currency to stabilize soon while one banker said the central bank had narrowed the band for interbank transactions in another attempt to slow the pace of depreciation.

Related Content

Breaking news
July 19, 2018
Nikki Haley: Human Rights Council is the United Nations’ greatest failure