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Egyptian pound drops on unrest - ASHARQ AL-AWSAT English Archive
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CAIRO, (AP) – The Egyptian pound has fallen to its lowest level against the dollar in roughly six years after 13 days of protests against President Hosni Mubarak have battered the economy.

The dollar was trading at roughly 5.947 Egyptian pounds by 11:30 local time on Monday — its lowest level since January 2005.

Tens of thousands of anti-government protesters have been demanding Mubarak’s ouster, in a show of defiance that largely crippled the country for more than a week.

Banks reopened on Sunday after a weeklong closure, but the stock exchange has yet to restart.

Two weeks ago, the Egyptian pound fell in two days of trading around 17 percent as the protests unfolded in the Arab world’s most populous nation.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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