By Lin Noueihed and Ehab Farouk CAIRO, Dec 8 – Egypt‘s headline inflation surged to an eight-year high of 19.4 percent in November, propelled by a steep currency depreciation since the central bank dramatically floated the pound and hiked fuel prices last month. Prices in the most populous Arab country were likely to keep rising
By Eric Knecht and Maha El Dahan CAIRO/ABU DHABI Nov 27 – Huddled in the Radisson Blu hotel on the outskirts of Cairo last week, some of Egypt’s top wheat traders talked damage control: they had lost more than $1 billion since the country floated its currency and now they wanted to be bailed out.
By Andrew Torchia CAIRO, Nov 7 – The pain of Egypt‘s currency devaluation may be felt well before the benefits, creating a period of at least several months in which there is little positive news to offset rising inflation and falling living standards, businessmen and economists say. By bringing the Egyptian pound down to levels
By Eric Knecht and Arwa Gaballa CAIRO, Nov 5 – Hungry for dollars after the central bank floated the pound on Thursday, Egyptian banks are offering market rates for the greenback as they try to build their reserves before interbank trading begins in earnest next week. But some bankers warned that a backlog of demand
By Lin Noueihed CAIRO, Nov 1 – Business is grinding to a near-halt in Egypt as companies struggle to keep pace with a rapid slide in the black market value of the pound. Factories are halting production, shops are running low on stocks and a sense of panic is spreading. Bassem Hussein, whose company imports,