Egypt’s pound weakened by more than 13 percent to a new low below 32 to the US dollar on Wednesday, losing its value by half since March as the central bank moved to a more flexible exchange rate under the terms of an International Monetary Fund (IMF) financial support package.
Egypt continues to battle surging inflation amid a dramatic slide of its currency as many Egyptians struggle with price hikes, the country’s statistics bureau has said.
A new IMF report offers a glimpse into what is expected of the Arab world’s most populous country as it copes with a foreign currency crunch and spiraling inflation.
Egypt’s Prime Minister Mostafa Madbouly ordered on 9 January 2023 the postponement of any unstarted projects that require foreign currency until the end of the fiscal year (FY) in June in order to cope with shortages in foreign currency and rising inflation.
Kuwait’s ministry of foreign affairs called on Sunday for the Egyptian authorities to investigate an “assault” on a number of Kuwaiti students by security personnel at a mall in the northern city of Alexandria. The demand came a day after the Kuwaiti parliament demanded that the Gulf State’s ambassador should …
A cargo vessel that ran aground in Egypt’s Suez Canal has been refloated, the Suez Canal Authority and a canal services firm said.
Marsad Egypt Egyptian Security Sector Observatory