Egypt’s pound weakened to a record low as the government seeks to clinch a loan from the International Monetary Fund. The pound slipped 0.2% to 19.6736 against the dollar in the offshore market on Tuesday, surpassing the record low of 19.6725 reached in December 2016, according to data compiled by Bloomberg. Some of the world’s biggest banks have said the Egyptian pound is still too expensive and the IMF would demand a looser exchange rate -- even after the central bank devalued it by about 15% in March. The government has already conceded a more flexible currency is necessary to support the economy. While a rally in ... (full story)