The Egyptian pound weakened to 25.90 to the dollar on Wednesday, its biggest one-day move since the central bank allowed it to fall by 14.5% on Oct. 27, according Refinitiv Data.
State-owned Banque Misr said in a statement earlier on Wednesday it was offering one-year savings certificates with a return of 25%, a move often indicating the central bank is planning a devaluation.
Currency flexibility has been a key demand by the International Monetary Fund, which approved a 46-month, $3 billion financial rescue package in October.Egypt had been seeking the loan since March, after the economic fallout from the war in Ukraine aggravated a foreign currency shortage, causing a sharp slowdown in imports and a backlog of goods in ports.
Egypt announced last week it had phased out a system of mandatory letters of credit for importers it imposed in February that further aggravated the import crisis.Reporting by Ahmed Tolba, Yomna Ehab and Patrick Werr; Editing by Alex Richardson
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