CAIRO: Egypt devalued its pound by 14% on Monday after Russia’s invasion of Ukraine prompted foreign investors to pull billions of dollars out of Egyptian treasury markets, putting pressure on the currency. The pound dropped to 18.17-18.27( US$ 1 or RM4.21) to against the dollar, Refinitiv data showed, after having traded at around 15.7 pounds( RM3.63) to the dollar since November 2020. The central bank also hiked overnight interest rates by 100 basis points in a surprise monetary policy meeting

CAIRO, Oct 19( Reuters)-Egypt's economy will grow slower than earlier predicted as inflation eats into purchasing power and the Egyptian pound weakens, a Reuters poll showed on Thursday.A small part of the polling was done before the outbreak of violence in neighbouring Gaza and Israel, the ramifications of which may cut into Egypt's already dimming growth prospects." A significant downside risk to growth in the near term may come from any impact on the tourism sector from the Gaza war and fears