After months of punishing inflation and a plummeting currency, Egyptians are growing louder about the crisis. In exchange for a bailout, the I.M.F. is imposing stern conditions on the government. “Around the time Egypt’s currency [ More … ]
Egypt hails $925 million of foreign-exchange inflows as a sign that the local currency devaluation is working In its statement, the Central Bank of Egypt (CBE) said that “the amounts of trading in the interbank [ More … ]
The dollar shortage crisis in Egypt was reflected on the availability of many consumer goods, because of the restrictions imposed by the Central Bank of Egypt on imports, which has put many companies, especially car [ More … ]
The slow-motion of the Egyptian pound (EGP) descent to a record low raises speculation that Egyptian authorities will be obliged to let it weaken far more sharply than anticipated just weeks ago. Gradual declines in [ More … ]
The Egyptian pound needs to weaken about 23% to help the economy adjust and reduce Egypt’s funding gap, according to Bloomberg Economics. The world’s biggest banks say the Egyptian local currency is too expensive, but [ More … ]
Egyptian civil servants have warned the government that increases in their salaries will not help them avoid the devastating impact of tough new austerity measures. Earlier this month the national Parliament approved a draft law [ More … ]
Egypt’s currency crisis is escalating as its national currency continues to decline against the dollar in the parallel market, amid growing signs of a currency devaluation, with the government talking about painful necessary economic reforms, [ More … ]
A video of an enraged tuk-tuk driver unloading on the state of Egypt’s flagging economy went viral on Thursday, underlining growing popular discontent in the country over shortages of food staples and broader business malaise, [ More … ]
IMF Managing Director Christine Lagarde said that Egypt has “almost completed” the actions required for the International Monetary Fund’s board to review its $12 billion loan accord, but some measures related to the exchange rate [ More … ]
It has been a hard week for the Egyptian currency. “The Egyptian pound hit a record low against the dollar on the black market after the North African country’s central bank failed to devalue the [ More … ]
The Central Bank of Egypt will likely raise its key borrowing costs to the highest level in more than a decade, as it tries to curb surging consumer prices amid growing speculation of another currency [ More … ]
KLM Royal Dutch Airlines announced a shocking news that it has decided to temporarily suspend flights to Cairo effective on 8 January 2017 as a result of “economic reasons”, said Al-Watan, an Egyptian independent newspaper. [ More … ]
Egypt received the first $1 billion tranche of a three-year $3 billion loan from the World Bank to fund government plans to boost growth, according to Bloomberg. Egypt’s Minister of International Cooperation Sahar Nasr said [ More … ]
Egypt’s annual inflation rate has recorded its highest level in at least seven years by the weakening of the currency and an increase in electricity prices, as reported by Bloomberg. The annual inflation has accelerated [ More … ]
Imad, an Egyptian civil servant, whose salary barely lasts a month, expressed his dissent from the rising in prices saying, “Electricity is up, food is up. The only thing that doesn’t rise in Egypt is [ More … ]
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