Egypt has emerged as one of the biggest beneficiaries of the recent slump in global oil prices, with its currency recording the strongest gains in the world as lower energy costs improve the country’s economic outlook and attract renewed investor interest.
The Egyptian pound has climbed more than seven percent against the US dollar since early May, becoming the world’s best performing currency over the period, according to Bloomberg data. On Wednesday, the currency traded above 50 pounds to the dollar for the first time since March.
The rebound has been driven largely by the fall in oil prices, which dropped below $80 a barrel on Tuesday to their lowest level in three months after the United States and Iran reached an agreement to reopen the Strait of Hormuz, a vital route for global
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