UPDATED: Egyptian pound continues sliding against US dollar to over EGP 32.15

The Egyptian pound continues to fall against the US dollar in major Egyptian banks; the highest rate was recorded at EGP 32.11 for buying and EGP 32.15 for selling at Abu Dhabi Islamic Bank-Egypt.

At the National Bank of Egypt (NBE), the US dollar recorded EGP 32.00 for buying and EGP 32.05 for selling during the day’s transactions. Moreover, The rate was seen at EGP 31.75 for buying and EGP 31.80  for selling against the US dollar at Banque Misr.

The lowest rate for the US dollar was recorded in the Suez Canal Bank at EGP30.00 for selling, and EGP 29.90 for buying

The dramatic devaluation came following the International Monetary Fund's (IMF) release of its staff report on Egypt’s new loan programme on Tuesday that included the government’s commitments over the coming four years, including on the exchange rate