Egypt’s currency the Egyptian Pound (EGP) has been declining in value against major foreign currencies led by the US dollar (USD) since 2022, in the wake of post-Covid 19 reopening of major economies and the Ukraine war that triggered an inflationary wave pushing interest rates up and reshoring foreign investments back into the developed economies. In the meantime, Egypt’s allies in the oil-rich Gulf have stopped unconditionally bailing out Cairo. There is more than one value of the Egyptian pound; one official set by the Central Bank of Egypt and another on the parallel ‘black market’, simila…