The Egyptian currency continued to slide this week, with its value on the black market hitting a new low of $1=E£10, while the official exchange rate remained stable at $1=E£8.88. This slide continued despite the 12.7% devaluation on 14 March of the pound by the Central Bank of Egypt (CBE) and the adoption of a more flexible exchange rate policy aimed at stabilizing the exchange market (MEES, 18 March).

While rating agency Fitch commended the CBE’s decision as being...