The Egyptian pound is one of several currencies to suffer from China’s depreciation of its yuan on August 11, Bloomberg news has said in a report.
The website said China’s decision put developing nations competing with it in exports at a disadvantage.
“The country has limited investors’ access to foreign currencies amid a shortage since the 2011 Arab Spring protests. Traders are betting the pound will weaken about 22 percent in a year, according to 12-month non-deliverable forwards,” Bloomberg said commenting on the situation of the Egyptian pound following the depreciation conflux.
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