egypt currency

Egypt Inflation Hits Eight-Year Highs After Currency Float

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

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Egypt to Face Pain Before Gain After Massive Currency Devaluation

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

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Hungry for Dollars After Float, Egyptian Banks Offer Market Rates

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

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Rapid Currency Slide Chokes Business in Egypt

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,

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