Egypt’s pound fell to a record low, declining over 2% on the offshore market after the global market turmoil triggered by Trump’s tariffs. Foreign portfolio investors have liquidated positions in Egypt’s carry trade, contributing to the outflows estimated at over USD 1 bln. The pound’s decline could continue, potentially reaching 54 per dollar, though international support and potential interest-rate decisions may limit further losses. Despite receiving a lower tariff rate than others, Egypt remains affected by the broader fallout on emerging markets.