Egypt Central Bank: Pound slips to new low against dollar

The Egyptian pound dipped to a new low Monday of just over 30 for $1, as the cash-strapped North African country continues to battle surging inflation and foreign currency shortages, authorities said.

The landmark slide in Egypt's Central Bank selling rate is the latest in a series of tumbles following the country's $3 billion International Monetary Fund bail-out package ratified in mid-December. The IMF deal was agreed upon in exchange for Egypt implementing a number of economic reforms, including a shift to a flexible exchange rate. The deal allows for a further $14 billion in possible financing for Egypt.