In less than 12 months, the Egyptian Pound has fallen heavily against the dollar.
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| Egyptian Pound |
According to Al Jazeera:
In less than a year, the currency has lost almost half its value against the dollar. But that’s mainly been a result of meeting the stipulations of a loan issued by the International Monetary Fund to bail out the Egyptian economy to the tune of $3bn. The IMF generally pushes for less economic intervention by government, and in this instance that means allowing the Egyptian pound to fluctuate according to market forces.
The day after the IMF announcement, the pound’s value against the dollar dropped 10 percent.
Egypt has reached an agreement to privatise businesses that are state-owned, encompassing ones owned and operated by the military, alongside decelerate public investments in national projects, such as the building of the new Administrative capital.
There is inflation which is running above 20%. Grocery shops are becoming scanty. It is difficult currently in the country to find imported products, stores are running out of frozen chicken, other items like eggs, cooking oil have drastically heightened in price.
President of Egypt, Abdel Fattah el-Sisi, is blaming the war in Ukraine.
