A Dollar Crisis Threatens Egypt's Economy

A Dollar Crisis Threatens Egypt's Economy
Egypt will continue to rely on foreign aid to keep its economy afloat, putting off tough but necessary reforms. In an effort to both reduce its import bill and mitigate the dollar crisis, the government will make inconsistent policy decisions. Cairo's …
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Egypt devalues currency in attempt to revive flagging economy
Egypt devalued its currency on Monday by 14 percent, prompting a rally in the stock market which soared 6.7 percent on the news. The devaluation – which saw the Egyptian pound devalued to 8.85 Egyptian pounds per US dollar from 7.73 pounds – is …
Read more on Middle East Eye

Pound devaluation is credit positive for Egypt: Moody's
… external dynamics and a better growth outlook should reduce balance of payment pressures, which have resulted in Egypt's net international reserves stagnating at around $ 16.5 billion,” Moody's said. Last month, Egypt lowered its economic growth …
Read more on Ahram Online

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