Egypt's currency halves in value in 10 months

CAIRO, Jan. 11 (Xinhua) -- The Egyptian pound further declined against the U.S. dollar on Wednesday, plunging to below 31 pounds to the dollar before settling at 29.7 in the afternoon.

The Egyptian local currency has lost about half of its value since March 2022, when a dollar was worth about 15.7 pounds.

Egypt devalued its local currency twice in 2022, the latest of which was in late October.

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