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6 mar 2024 · Egypt secured a deal to more than double its IMF bailout to $8bn after the country allowed its currency to drop to a record low against the US dollar, unlocking support to avert its worst...
- ‘There are no dollars’: foreign currency crunch hits Egypt’s economy
With foreign currency in short supply in Egypt, Rafik Clovis...
- ‘There are no dollars’: foreign currency crunch hits Egypt’s economy
19 wrz 2023 · In January 2023, the Central Bank of Egypt devalued the Egyptian Pound (EGP) for the third time, resulting in a loss of approximately 40 percent of its value reaching 31 pounds per 1 U.S. dollar from official sources and approaching 40 pounds per 1 U.S. dollar in the parallel markets.
6 mar 2024 · It came hours after the Central Bank of Egypt increased interest rates and allowed the local currency to freely float with no interventions from the state. The flotation, which was in discussions for months, was a key condition from the IMF to approve Egypt’s loan.
1 sty 2023 · With foreign currency in short supply in Egypt, Rafik Clovis spent December anxiously waiting to find out whether his bank would be able to provide the $67,000 he needed to fund the import of a...
21 mar 2024 · Egypt gets much of its hard currency from energy exports, tourism, fees from ships plying the Suez Canal and money sent home by expatriates.
28 paź 2022 · One of the clear setbacks of the devaluation of the Egyptian pound is that Egyptians earning in the local currency lose their purchasing power, and due to lack of financial education, an individual’s wealth will often be overstated.
16 gru 2022 · In recent months, the Egyptian pound has plummeted, losing 14.5% of its value against the US dollar in October. The prices of vegetables, dairy products and bread skyrocketed.
