All economic indicators in Egypt point to the fact that the country is approaching a real economic collapse, which Egypt will pay for for many years to come.
The indicators from the Egyptian Exchange show that it has lost 30 percent during the last two years and 27 billion Egyptian pounds ($3.4 billion) within only two weeks. Egypt’s feeble exchange is expected to continue its nosedive as of today which may also see a wave of decline in world markets, writes Middle East Monitor.
The currency reserve in Egypt reached its worst levels after Egypt received nearly $50 billion since the coup in July 2013. All these funds have been squandered. Only about $16.4 billion remain and these are not sufficient for covering the importation of basic commodities for two months the indicators show.
Exports have fallen by 25 per cent. The export of petroleum products has fallen by 19 per cent compared to what it was during the same period of last year. This can only happen if there is real failure by the authority and when this authority wages war on the private sector, let alone monopolising all government tenders and shutting the door completely in the face of smaller contractors.