The Egyptian pound has been devalued and the US dollar index continues to struggle. The Central Bank of Egypt is struggling due to a dollar shortage, a significant debate on the weakening of the Egyptian pound. Two devaluations in one week resulted in divided views on this decision. For some it is an important step to attract foreign investment. Others see it as a major obstacle to importing goods. *Egyptian pound devalued* Egypt has devalued the Egyptian pound twice in the past week. On Thursday the Central Bank devalued the pound by 10 piasters, up from 7.73 to 7.83 pounds to the dollar. On Sunday, the bank weakened the pound again at an auction, dropping the value from 7.83 to 7.93 pounds per dollar. The Egyptian government is seeking to boost foreign investment and revive tourism. But devaluation has a big effect on the daily lives of Egyptians, regarding food and fuel prices with high prices of imports. While the Egyptian government is fighting the black market, it could receive a loan worth 3 billion dollars to support the Egyptian state's general budget, as Egypt's Finance Minister, Hany Kadry Dimian, announced. For more on the Egyptian pound and the dollar index, Daleen Hassan of Euronews spoke to Nour Eldeen Al-Hammoury, Chief Market Strategist at ADS securities in Abu Dhabi. Euronews business brings you latest updates from the world of finance and economy, in-depth analysis, interviews, infographics and more. Subscribe for daily dose of business news: http://bit.ly/1pcHCzj Google+: http://eurone.ws/OZfcq Facebook: http://eurone.ws/OZdRw Twitter: http://eurone.ws/OZe0P LinkedIn: http://eurone.ws/OZeaa Made by euronews, the most watched news channel in Europe.

• published: 20 Oct 2015
• views: 6