Egypt is under pressure ahead of a major board meeting of the International Monetary Fund next week as a result of the widening difference between the official rate of the Egyptian pound versus the dollar and the price on the black market.
Egypt still lacks foreign cash despite two significant devaluations this year.
Egypt has asked the International Monetary Fund for a $3 billion Extended Fund Facility to help strengthen its finances. The IMF is expected to consider this request on December 16. On October 27, the plan was announced at the staff level by Egypt and the IMF.