EGYPT’S pound weakened past 50 per dollar for the first time since March’s devaluation, a closely watched milestone as the North African nation pledges to enact a flexible exchange rate.

The currency fell as low as 50.0036 on the offshore market Thursday, before paring some of its losses, according to data compiled by Bloomberg.

The pound is now at its lowest level since March 6, the same day authorities let it fall about 40% in a move that helped secure an expanded $8 billion deal with the International Monetary Fund.

“We attribute the weakness mostly to seasonality,” said Mohamed Abu Basha, head of research at Cairo-based investment bank EFG Hermes. “It’s end of the year, where the bias is always for some FX weakness as traders and economic agents settle some positions, in addition to a global backdrop of dollar strength.”

Before March’s fall, the pound was kept steady for about a year, becoming significantly overvalued in the eyes of global traders and deterring foreign inflows and investment. A key component of the IMF deal is ensuring the currency’s value more accurately reflects supply and demand. –BLOOMBERG