Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

The move comes amid a privatization drive in Egypt as part of the International Monetary Fund’s conditions to provide Cairo with an $8 billion bailout to help the North African country recover from an economic crisis.

Egypt has begun the sale of a stake worth up to $104m in United Bank, said to be the country's first initial public offering (IPO) since 2021. This move is a key component of a privatisation programme supported by the International Monetary Fund (IMF).

Egypt is poised to keep interest rates at a record high as it awaits the full inflationary impact of a fuel-price hike and the completion of a key International Monetary Fund review.

The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan programme.

The International Monetary Fund on Wednesday said its staff and Egyptian authorities have made “substantial progress on policy discussions” at the end of the lender's visit to Cairo. “Discussions will continue over the coming days to finalise agreement on the remaining policies and reforms that could support the completion of the fourth review,

The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation’s $8 billion program, although further talks are needed.