Egypt's pound keeps falling on black market ahead of IMF meeting

The gap between the official rate of the Egyptian pound against the dollar and the price on the black market has widened further, putting pressure on Egypt ahead of a crucial International Monetary Fund board meeting next week.

Egypt continues to face a foreign currency shortage despite two major devaluations this year.

The International Monetary Fund is due on Dec. 16 to review Egypt's request for a $3 billion Extended Fund Facility to help shore up its finances. Egypt and the IMF announced the package at the staff level on Oct. 27.