Egypt to Face Pain Before Gain After Massive Currency Devaluation

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?9NE#R\; ТwٖI1UoZiraUbd_TWz0[|ftaG3N M [=; gYk|ЭB1WuQg NJjِ ԪE̓Or**nQw-Ҫ-*ę&NhL,VB*t0k?)P[4Tt}ӻPI-4*q5SȤ4sJLD.͵a&8D PJ8$G5LA Dfl(&,t]@BIuVZd"U- &FMrL8X f/ o5Nv@vsV4m\I4 xiN;ЉIv῾\(^4ʁ{LvOs=wfb&_0|F;IyjqE@朲dsHj,Y4b1&CTiش"/"bTD i[Doùq^BqQ*8":y`SJ#n.k;k  s]c=뢆9| ;V{u8Upr6m{VE䳀d^5}vJY+ۣ+>M^)Β+A2Dd-W(^> N+BI6W4c,'?gn6OzWk>!o2/6(\e·ffYHHx֢aZI1ѵtoC$A;ֆ>Zg ީ]9, Y) rDC-$""52QcddPE(vLcEy:T sR 1L͡ʜSӀ`Զ Fh&ۚi 3t[]rZ,9c).q; g,2|圊XɨUAym Wu1IN 7&Hs#g5n6wM݌ۊu#e(茓-Rn IQIWϹjty?`/Z ςEg:}֢S&&'s4 zS5LhiԀҵ3\rJS&ԫґCdOk>W5Jqɭc2(5c99VLQzLh8&Z>Y*dt v+#[#)@P!P(RZ@TҨo%mR" IOWHirpаyU(b3Qܠ1`WKxdB{B9.Oһ/E-.5N[ךK]$tAWu<;RGjFMiNwʨCVq>49WZplo.EnKC<%+(GUN:^Z.0x5QksЬ@ҫ59S YN)4\Y~'. g#qRsfoH՘۽fB"\wMT4G4TTRjS5bu{qLgv%Ÿz jq֩wd}>cQ[hn#һ8^n8YR'mJ< ⷃ3#YK/<F)4XSVy3{t5EӇJ/F6CkV1_[d r72l#z{jcQ&0}k:nMgW5L6ZSm }&FDn@"LRi###&m|hO 4.ɣ's*9gS{:QNc\);;7Z@9 NUS!JNE49CSb9OjxS!&)N)56I5uN UjP8皙 4{P:P~aWJ.UHvQb8Y] Z|Qh<N# Tj)N ;">d޵x8 ple AhC8{elEp J+EtDŖTjuM#&*B0UL9AV nT<`i0(͝楶y0=LjT'kжPp3=Sb1\ƬOZ2؂[=BԂ:zU{1$2}tMG7Mg9d+!:J3Oݖ(|6%Wx\+ךbHg:QҝiD#V粹x\U+N 1}q^1/OL)hW Z;iS9vyٺ!qMh^HL1M4b@(#*@)ح,s܇)j{  c洋3+@Mjkc$S@=iȃuC65^MgA:Y5)^ϴ4?\ 2I[:5C{3摮8Y1| FX> s]&iy å$VGݭ6b.4ZinW{GNqh$➍M(GQJܙy4M"C52Ty'&R3PUõWT&r( OM|Fq[j@xNV2E<jx2*$ӉYGT`TQM 3N5j+ID:Sb& ,ǰ~ܮ}77d9'J'Uny8N1k`$[iy$9jk7?gC ՜3;-m_R),{ KOPnC,UAԗ*FRCrY]&M8k0'Й/-dLڜ eSZ-t+YxXJI>vk60 i+Xe+ֶ̜+*~zӹU?WԒUd\UWk19yxddȹWXVs4F2"c } mH65̡=ErOC:))UH*U^+&͒ 1S ⭑QW)1@&ؤKZ {v{‚j>Z-p/5:M'c@H1ch]>V[$9$ TrT5vD(9+u/G#9FǗQMcJcϦ-Yj~ ysPe' 3[ 05WVuUIAwj1Kh"5h09=DQLU z˅%N+5 Tv,Ȥ XSu:h#\t5~)̶W'Qr9hסW}l.3I6N5-INC^'K[ݝ+^\xžvs.~b<s;^>j\uYW~' ߕڢHGQv>`oN+a_MkwPd/H§nr@0>=g8ɀ9̔VF7uoׇaZ^ D湟X}:sMzĈ"\95uNqڡJsjԜbnJ7@DLvDnSmj qIjkGо=_1k6wпpPM+29-Z< A]Sn穨zOq֫QfqDp5V!Ajklד@J`sYX#DЪJ8ZWz>mQ$$m+VRhɩ/rxnLgұ5O p j$ }ZK"ϭaR:)նKF\EA"c1,k ekţIH"-Y Kq2.dRE^ѴI.3)z6%+]4hzTLB1gZP8G` Sbn+ʯ3R7H / FeŠȹydv4Pr>"vֹ+9t>L]*J8K&ea]]si:%˒7UK1jdِ*{@xo u ϽtSH$pf=Rv׳7594"F!mBr#[f1UP+C~j{8tg#E4 I`Ҿ5{2Kvslj¯IJhD17C\w,-,lOuu[mdVBdQV2Mu ք"qӰq)k+tSVskP+F - v1hR2xqPk"qG t<::is]qA26H)@"#hfN1^}-\UUo1niQPK7FaU%֡V$֤XZ HE 9D=/~SxI )F{X-b"(TQj[ GmʰYQE@Sh"RH, F=S9wGx͈i>knaB!FAˑ\cF .8eySqt #Rh~ZfX{+#AkJ8S]䒹|=Y_bӭ%{5A+Gj.H-j!/RI8 3^JIkfY2[WAX& -bxFX7S/'oKl]i"oN0M+֊]EMsY˓VoPl*mWw\U^ZÁRۓ= LI5=""7PBERC^'ZܞjobGaM哴}5o#O5k:NS銦~6Ӧ2MCzF(u NvҬZf1ִ0I68ܫzf>ZFldUqW2r(3RHeq[1]|lTfG vaȪwvd0⺛TB0ا\YAK@ShCMhdL{r]Z\q `Eby)Vd6 b% f; ^⦰>g&.Ao6V5doMr$AJ<)mЮcK%$R&>- ⤂/VОcASZh"qҴ4l7<>"J40]u aI@SՒ=Vkf'G!V3XN}TG!^і!*b~ZCՂ"D1NkȭsڭDGJjTTЎ(ӌSKztӹ6-)ATS}jlԊb.TD\ƽ7c^4j8N\ں⪭(?zb.@ijAFVM߈I桲NYQj_TD)GVyVp524fHXPƩ%YEqN6gdetE%z'Iܦ![(UH*ß;B|m}+{kk}2,ab1ۀ6Dؙ~ͧs8t+hL'bV> ؂}뤔$+1MX:o<ٲ9O1 cҼ9se ATthO3=OE(Gh=6FUd="[x{P)=ɬ.Zn+Ke=NDvHF֏kNϙnRJ%Bcu:I@[rچ\X c˦ڱ6))U! WbrI'YF9&N*HēnĚn kB}>EoZ&*i6yTrfъG=ԍ)N*A?&[ъ(jV1V?LViJڱ鸫 Im2yk|0SD tѵ%تQNZ%-Ҵ40xv(UI{#P*P̿-Ql AHlY㊥"V-r1TB[_ ,1e”VݐdVlC梸UGa3?gS)1U֭ٝتCT|܊JS]5RiӦpg.Rg/_ibx`EEXۛkĨq]|ed^c 9t.Nr9TՉLԭVde5>I.ݼs^5ث6p*\SjN;?iJ>譯F)Xm!Q) FbsY1&gzUIT6{I恓\lxS0{Uin9UdeAIexQ3NKޢ悒.cҙsUMit1֐8XY}Xޜ/:ЀV`9&OcPAiGqHu%^znɱ˫~UYjLzG=s 1T]/vM{#cUn]8$RHd;3u5TTj &i’(+kNZVT^@8 +j<=nx;,aHrFҭcXN5nM\Gm= 8c_뺺*:MV/ ۰G*yE9m|s)}cJj*3U9r GO[˘K2"0zjjW7+i9 G_SVc縱Ay*"A}(mZ2b\}94sm$qۀ ÇDcTb"IUv)Sgy?}h*P6?>LJĕVN?= ɨuxH8 y>Tnc ȣEHKu9Rd$p*Zw, Ej[^cYp+);erM(F5LJM7akv$V3G(<=v#hɉJϻV9 =*9 g]6RZLZw_QXkW V!Z3\HpkUv \SY9XkH(;"1P> J U(4&̿0或_BNV%^əI)'Z|JJɭ Qva ީDvS.Y IXAo&.Pُ4c>hji+ 䒎)*icSQXt✱BQX 7pcCqV>]PNh 2*EM UhT* ; 4505o ;Dh[juqֹ֦`pM8&n< O QbQ R>U+}QIh U!X#S:j( N`? M#Ui!Tqv< g1Ĉq]弆\or,R?Z[9ktUkK{IG[  ְG Y?)j^H:y&=bgz]Ʀ.SNpyQ6+9NRS5eϨ 5MBǽHՖ֫=ϩqX qL+JM75cޣSo>OzcRsҁ)!VRF=*Z{w@A'qVSJ(zBǦ()٪JrOx^s\ݐMLG8SElIޔg#%2W X^:c= 7Q[ۡyd (~їHD8ieODmKiiK(ְ L|^Ri3v[vjx_֥q0"RȽ秾:Tz̷VVH>I'Qr@=֍a%.#=fꢊi Q0 4(gAG~ռr &EfOjpz Cw?:=8?ΎnCm_c9dIGs҅TRr8Q@Ͻ$3+zk9 ʞ]H^׵QH)0񭲝zŌZxGF\3< Iɫ0rx5NqnyŦ@N52MG d%rnk>cB9K41!;$Bՙ}h@IUI+b1҉> c1b>]^i4 oBDwRWBxPwv#K[KҸkNy#ԧB!ɪVkCQ$"Э'{\sE}>*m_==9IvX&;1piE_wjaRT;0EaaV.CyjcҬi$0+!M{V͖zMPcm2[9*6 uL_Ҧ1\ io!i-!O2H9ZJG4b6~}L.qia' +"žH.rڦJuJғbz`*i;Vv(RKQ*fōGjxvm.y-(JCE[fku:#\m> h& uIy' v8P$ԖE{W|7oTԣ(ֳQQ1ׄVAs`xSεTK)=?>>E7H,q7W2Wa?{ )Sm2+N˖;i_P7R,aDl%d aG#93U^\5+݆ː:iZK&I¬iHww +y3:PZ{k2xAC+?N0})cfm(?UHan _&7GQ4me0~0yڎṋ'VC#ѭšzZFAZHqUSiZ@dx+bh۱ ||VVow-YR P+2lj&Y)Y$xO6cluخ|m`/t2ȻXՅsHK[U<ls85 )g=NZz].2F4 +2Ή(8w7!k}Iڤ-h65\*ZKn+jf3L% *g.E7shÊridɨwzID8+VFBz= *9f c85V}aTiALiͭzҸ;@:vA޸ݻ-}#wv;Pw}ZC cEcԂ3\N 6Hֻ_mru-F#|zHVrJ$އOO⡄Gq' AcoXYX$-jrбj#H¢ȭbd]cRCs$l8=(vh60=2B'T0y853c#>T^wVX|eܐֶåT&0b 鞍mK{`J[̽y9^ MA43ܩT-C+v{9JF-{.I&UlOJ:m`{Ոb8ޜSwZ A%WMa3[_#Ez`>j[6W9Lv%bUq9;ֲld]dVd|cxdIy.>Ӹhۡ!H~4˸9^>9גIyxe2zֱFm~Y꩘ GCVeNJ-{b91=#\WS2@0=ҢP[Hd!сNoOzІF =E@x85[r\Uh|t5Eсvud? UiN\/Ump4:EU@6*Qf:`b9TLt0XʧnRuFSPRT֊6oZn椶R{SIt*\"$rEC T…'ZHXni1C.oMd$kNȎ,KD-`O4Zd2<%A k \y~ST_E IJ$j#;U3-\u~"%*)-[~hWKKE'f)p\oBՄ5҃X!U8ȢVLij#;-7-$d I& V )RUHL@MYzKזiNwu+I0(GqT \|˿"n7|ZyP,4bv"+R5bPe ջ&qS}AaZ6ږ6'vq-UĖFG ܖe <mR+ݚ?xAJ3]{"u aryfZu{MH_FHGjWXp-0i9J0q\"JAW!J2hobQTDμiVmVs\J'kq ĹU \3V&NO,jyvM kKz\v:j9EkϜ$nJc$yzSO<ؚm8)6cSn{-c4%`Bނ6Ƞ}%He 5Zwv;Դ3f5슳.cJmml8PjI( !oYInm:\ڣ^eqy9_\D)Fyr"rG*mE '#5g8Ԓ#J$n68 n faWˉ_fH 䎵q-\@;O*>t8v%7qеYfg<@B[cJ-XۼҾY]ӷlc@Hsv0mUJt][[dI 0;eӌaթ}ijL2}+ZDX )(TU8B = f1HBbՔppxk>`vOһ}N&锆sS#qؚ= ՠYFabKh-yd8Dɫ8+onQ7,G?RM+Se{. 9c_ ߇n._ZƩLb*'3WfQu厛tf: >c %1]gx6zҲ*_VwmkkRsNڵuwBڐΦIȫ7Q۲*ڐܡJwԹeYzqК*Jeora02 2icһpc6 FUDdsYJWpzTF۱w$QWNs˥:Qa;k.YH$ta\F5 v湀ޕb=q[KJ8ac7j,ƶ"UW bXJUU3Zqi鉐qSDYi]5cZpre.bQ^GQy0x5=u=jJFwrG4p h2mh3C6WqW-ۘl@I 8e݇fP๹HݾXæOB2;Z+ExڣFj.fM,xQܜׯ qr 2l:ЦZFQwqO çZ`wI]DU$3sU4.Z+@,:~d߻,$ƣ#$UU{M}MtbрGM#V݁i 'Nn>a TXl!^,@ <3 0'RkF,t+3YJqV'ܞb$nxm MjʓFN  bgd!$~u<2[cZ؈C֑`r2})7([\ڲ꾷zϼ*ѧxjpr04J NѸ}¬}3\ֻߏJClGhTQaYŸi[E5F3qs7:ݱ# _5鶾|#_J[xbv;sV5+\jξ^Myx-5y(p5a5^ٸ5)`^6wxuMwUkyX(f|*Y" ITjhѕX>Guak! ^@9é yeyⳕk$iZl6Tu y'U(`Mee%YұvOk e)Xд]Z&scsgMR͑"Y.XƤ[W7؆ρKqo l֬Ah7V%2H]E=B֍*Յ1V.6T&g lR&h@$XM{VjoX-s+nWDWEL%_O'nk" Xb'++G4BGpuMcZ&zTy&"ri ~Һ0 @lɩmW+WnS>OԪ9TF1R@ĴثU(#WDқHUԈ25_~1W$q-YK 1}"ܓ5/- _C>/peX׶6$V"EFkI2ӱbIG"]iyU%8#2xBK+f"2@p5\jH#<&fM;b¤yVaT'QUw(OJgE0ZF(r$eSuL!:#,y#l)VH[hMkΘtn9 wV[y#e̥8YLGQ䚬"ܚmXn^*ǝֳL ^+i/ʤOZU( =;L~36/Pi9 z_EʱZFlL~}cs#]6N0F]Lޮ#Cnp<]Sy8&hO,/B;Ru"*_A<y=S#B JL |6bXOmeĜ<9`ng`TԌu?hXɚI+!c?c9?Щ+ciЄwz=sNM 4Y,77'2zbݼڍ'QQ^M{6"$׫VlO*6$޺#urXEɷWd4 Tr֖-ȩrP>ڻ*{nhZyd՘_ha֌ct#z[9N)Jܢd&Y U0۔n>spA@3["{K5 tvw1kp\W9 ӲInk"qZS]w~5Hs@@@ dSUeQ[$(Ix6‚d9ֆS]Ͱ$ZRL|VRH,jL f"RMwrbZrK2^uJ7w(]gV@MfMhvMZZE\ӡ\ni+l22QΥqW+&v59o>tƕ5~3$_ $t+rx5Fo=*ߞ@2+dGs+IY呰@€}jѤi>|cqR=WPkbZlH?"g(3/\U^B[o'TSymFp)^õbFTT y=Ja 1&1J%+`EP 61Tțj:WoPu[U2`aK̵GYIG5n6 TW:sHXt9^ˌlN?5eqqVh-w+Kҝ" T2u\Tl-Žlh9ld&f=$aVzY,k;/[(w> 2}o^EEs<Տ,eX' ÷khhrFkfeaўܼ1 &c/CU峻9LXkF#pЎwoiu& LmZ.[Z k66=3Zњ6Z|lbR0پO –%8) o\ ?(,kլ b2gzʽ𰷏v#b~ƚbf:J$yac}}뵴'^7|g?CY#']'nWiT 8T# ׿ҌyrO=*8p=mol*P{Ks$mfuR2^6']?nrO")Z zp4=6Zك$>zRM0Om2yCdArCq^+===`̺mXu >ct}5Q7)1p@' kd ]p2)SU']MT0~)e7xBqu mغt!AF}?T 3V4[7FP(se;r:ƟڽZ[Ĉ7ap=A9o Vvk c'cFQj@01Tu}I,-B$|=MIyp-٥$G$\T\jBŽ¹g0,*\=eA$#9{ZvfDOazT3Vʄ(}#$ʬ%uBAV4~*7)}c^_¬Wz{z̾fVe6ۘz1tWWgvCvXH R8jҖ创a `⧂15xϪPcSEYv K1Z'z-6)k;pi=kX-./84[ugUEr6O #ktY:whscǩ9ꃽ5B0lX5A/Z?2^Ds^aZ42zMI9AĭpND8*A&3+X۵ IɤjԬ3$Ky7JL khv+'1ɛT b2+f:ƙ!'Mn5uh/* Kv|`V(8aǩ^6k>F)sXz_]T|+©SwZ+]ZH竹ђ*+UbVj@WG2l̫mp th뒁 1]%;4$8&/j&BN*QMRsDn S.;J٥c915YmɦMv3b Tw2c$te >`;V7] p1\$l55ѐJ hu-_AyS5F]"aܩxfGэqUhRP:(SE8;יf "_^E2IUFYb-yM.HȨT.YI=7sO SYrHہZw=iHy\ib/]aЫ`lTSF̼R-"*mqj5~^n*d#j TÊqznH JhY}j\O3'JU+&O6C rOR}1lݤ|R;bEMo*8C) Ds/ZsOKkc":pRy\-3\'P|v*gJaso[V|ÂGcsxE2Ȼcc'ʹgxqe;Z5h"EA8v$y .;cvxmi/yS)|ozDG7#S67UuC|ylq?fWiu-^mR⠂ #?Bcr,LDG!F9=y-GP 33|ĀF{-)&ٷe {uZ#T#fb Zv$co q rIWKf r涴6k'if͹`mfu"e4khIǮi.cQ239n{t5#]V2n2VN#},_k;9 :iVHBR}1)ʝCяw io/":VK'Z-wYk\')3QGXu?CO]L6;Oީ: PZGZaj֛.u`ޣ3jVMaJUmƘ[I)nU)8扈fBɃ[֚r:@T#*yU|uQPFJ\ԋGj+N)m>+A sXjH5e>FfFFk&MfMd_byraWUfA*g`uБhp9`k#+i {܃CP:AOOj}hБ7 kћYR~r=bM3.UD)jvRjJ㨮F) L]jR^ynph9 MhYcP9@`«c5p槹sd f` 8X7JdѻÄ&c$9M^j ['5'k<7Q G2H{qo6 F2*EzrEWAF)sǞ0z9&ۏƼUJN*V-I5iSl?k is` (mэyїrvp:^]=i׭(=*[4Q*3l48<9>Qr*CH32+=*2ةUd8jCB\{i-0Rz֘TSNȧa\e ׽<7!aˉW܉D{5R[1{gNr9#POSGWUQKC\|)dmÊQ&%^.qQzUUݍ)0PyIRSGJzQfXSfA?9z:t!-朏zm %ۑ&JRqI^9ꨀZP0y!R-"UԜbFӋրP܌Uzt]NG1np@{Dcr#+3R6 ~mBs7Vsc=RΑ'9yl+GPi=#C|X2K1( ԫ<˖,KŏO~Ukw5F4IVE9E52; wRhma,{z~ !ىncCF$;x̗K<ɸGOLUuf\bZQ~5 NU;Xc~GP\g["` [lrI9*8uo AV6d$9p$B+ZƯ z-!ȀҢ!I#aO]ǜQYs=atsujRUMXAlR4{}90:>Q>UVQ֏S=kvzRe:vFB:Uv{RfXزO-WG C*ch礰o\qXI忥i \ql/N*!*dV霵 !!He'jgtlݔ1+1c=yˊ9Atb9EFl8QJ+9MYI:Vm)ʣLJy6-Hoո֥ sQ(A>Փ֞.+%hL7֚nqYjQ UE<˹k)I{rw?vOJ&9}%}몃jG%x-[t+N ZӮ3^YA&y-#ԛn SdUs#,$+DV qq+SvNZ X 5p0jUOekcI0j嬬Ѽc'4R:i92lӍҽ 1TaQM.3MAT 6yUj<;KwXLfm{;lG N1PT&9"t֯ʓY?},WSnCn2*mb_Hl c޼ė$%[ 'vF}脨#$ڹ]oK^L+C1 F=m&Lm ?yۻ*}=FpN>NIL3Z"gqӪXɪ ;7pK3oM`g}v浯ŪyGA(AWC2Z  wC]_'Y5M:37|Aߝab+=Eb ` ՛nRe=O[[XDjzв&2$2sv0/2̷ksrr |"gF _D; 1BĪծⱴB(f -Y2V.lgX%g"+Z10^*HUPRs"lq!f8) 뻚 ±]\HfW sr?ַ`-jJ77ѫChژ$$ ^SNjgltiH\54%yv"z|_7*F=7˃2pqҩoxGEV0έ*AI,I)YNOC+: P"? G&n xU"v&aK[b2H1g#*?wHt>f+xDYkg5PZ m#gUP1Tt@Wgn?֥{(Xd`#m8Ugݣ(glPVs% :1-L'tPު`X֦Y;&Me Z$+,~Q&BT77Bٌ qL R!nĐj0tl?w9wFC zoi2H֙'w{]k?IeήWNf`ޢ[9泖<?N.V;;ST`;"M*zޥ-1ZO^>[rTo57APՂi68i"9xXUx="`cfe=CȬ(珆-]m1$`Z|Tl$)٤)1Ea&.zӍ8EoRm^np#Hչrg=@kU6\u,]^VB KX]̃5m d6P|5n~F݋5J 8IPsQMg/UdQ'm͚ڵY8!oMdFI8"nDL}3sndVj2"E #lj1E>{hĩTciR+jFpgى34ԩ;Ƅ[Z^Niֱ6C6ⴝMݙB%mFњټG5Qm!$FcdrGq/kM*[\<[Ć@qJKBKhY/P)X=qWm F BM[.WA1U. x%'?ĶFыD{HLo.6a5iS\GփM2]2璹C~#:S^>M\E|fS6H5#;+iМ %jja; n=] "-#\{չ֦pVZ6xa\ջ)HBgY7 3Qt4BjՕԦ28Q*adYPG%lדWy(eLT&$qT `;J{r IqpFI=+3HI!s:9F!v,ǓMSU˖#$>1}뗼>aڿzYz%؜ = 8[bwG %>$6Gnsvu[C:mJc?#,#G'Ԓx-DuOï̡w9BHdrCI=Z祹I+j2\0#= 1$;Ɲ{ )ȵit\;n]ؽ-&f>`ov@~uE hހ #5DiqJO|“BLR7fDpG޳ZT ! IcV'-A#AoyN:dq]n0=s^1E:&n3ti[^A`͕#[ Sɫ r1ɬԫpivkfu< ц5FE$;EBl qBD>rdVVmţ,nFMlgə%I L"a&Kx*3*COjB}kBm3{ ʿ{˲ђڴmbo`k^X2R4&HA'P>iƱ`IO\͝ѺWdsjFFj\ո,Ioҟ%uR9yaRqVF9=-Gڳ[:`&ԯR[F#"5ĂIŤpj ͝]=یcaO_=LHrMZӭ@o*s-\&."a9io .?*, D3roB [c72z֌cS=Q)CڢUv A`+-NONl#2zUSyxK3tcM$2o~c¸Ջ8S(294hxk]BK|YnZKynk7 #3:x'VLm3` ϶,M$\c"SH= J60In*kR.(ŢeQIhgL,yOEh>F4| :8OxMSƼTMRBngb"8ÛS{2n`P \徸+'5#3nA漆E%SK;"rNJBrծpX5$R,o 1 V]Jkc#ҟmu8َUoVoO_,S1Sqp? O?*=QTuA H3[VfZ~]B41[GӴ[ "%~76Ub`OUg_<.4X"JºԀwPONyƉ]ZK/b21wyQ<qqTIGjdz_JRz~5$cWX(e_q) WAb WNDcr*dL ?^*i <Aww"\ʹv9U$F 6ʢW&XΧi2#sy;⦵[+.L0s)ۅdTo> eAEq-W2OoH)2 x{H2A9R{fozV:Epr1=R3zŇ@\+0l8*BdPbFQq9?B@#sY\YOcb_ [K,c$ֵBw9![:I*iq%q|\\Sh)2k V苶%4Z (io&_B&LMNF3VM"bOZbΤP˃ɸA"UVR0 jMq"JQFe&+('kli{#ƼYvڈ 3?ZBϥu5(Ve~: e&`qBIvygR\z*GdOBRcmgI= WQ^1r햄n'&,?vi[by#*\6A zfi f; -|ԒMրyj/$QWQqnpFQYIs9c&94IV[#Jn֟\[|+Z;r[5NX='q:[9vګ<(k2W]y` ڷv0]ΨMZ3s5V>K,ǽejSUMȫiF+Xl2T[I8W̬ޅ)&`Ci~M}{=9Zthg:m u nUK9&2)tQB`:U5!VSEBЩg] b+w "-%E6PpЈF+>R|Ho"^ݲ 4̙L av',׌W*sRj kHnZAnrz+g^ ٻzE+Zr#6I;.a, V(5kQ{|eu?tri qDXq})hvIrKSςN}C4.3Tf+E'k6P\ݞ@5LJy5`g*B=\1'E#qHALs#ɱҁMzrM2I"FwY_}D5 B0n|f6V]J?bF=z]vvKp#Ak "e.4ez^}/\R=mAZuvd.21#!aιڽU8[s6Gڃ[F 䭝 {7Ė۟Γ2j̥w}ҼJWXAQU ryyP =(Nf%J[xC=h0R pzgC ==*T9LPݳ5dA\bJ銾@)!5 hzu2."~`9 8PAZzzUss`SD2;dޝ?byNpU?r0;+;p矦(A8H pO]$zrLYjIdV02g=~e?_݂Sc#Sb sinHKR~)#" Q!Ԍ~ldU镝|{\D|v=(\P[-O: @S82++9֟ofɔx4훑W%Bý6aq.ͷ8Fp  E$'jIlP|YrJ| Wq;GlWApV |W =hؠr0QU>=)=j/Sx9/QSFҜ9J@8-1bc=)H4( T$3QhiIjy)pV~]eiZ$ST1y$Ȫ隄Gm #_m w\w5pnA Wry{)E-^Y+,ioZZyEQL6OͤNcF:j-Ea{l% ǥ6Z6#VFnZFXuljɇ5+d)*5fpH;%X WchvPj9ZbEj1NG+jCBrbw p Ւnnfcuok$e7to[ݨ@rX!NY$3(P^]_-XKlԲ49' +(k 0lG0ٻw+!J|VjG4Χi*rE%k8Fŵb-cqKVƊmncC^]9rw6𪁞;gTl& #QQ^w "$U.'8 3ZVs}59iAĂ$\bĸOjQ(1Ulu ϭW2\Ļլ+$\6N*֧ #Ujޝؕ K63䓉TVV-v]\fM1o2v=uĎП-ro7mGiUOhKʯnj%* wvZR&95S?TmZ1-/"-6}N;[u9Zc3$1!y@k<앤Pr=%+iZBZB,GsW7iq o+4Y&UϿrZbOƥ*`bU=1Vc'}WByM'4wxm,s*O~O 3בX}е̊?|=+D6T"f\y'Em6E>[o#I=+o]A`8T pI7){Q1еs *$OZ4I+L[='UK*޷u?A ^]ÿ>dha;cc9ɬrG#mk0ʸ!yVVݫhT,HZ:t"\ v*5]P^@JukFx$Ϡ3 D8\+ַgP|\ pz[Q# f3K  N0O|SUYg Pna$;2 { Lcҫ;):nYiInA;F3b9s/c6Z2Og2\r.qTM6ta&1HG38-}jˢfEOi"Urܩ(R14D @-WCٸ]Jg5Q*H%r*h#mUɠ N'iNL_+1h-kvvjs5ZU$w5 mRaUf* dNVGU.ȣ (i>3:˹!5%*2 #qҩk}떰mG, [Uf9@uI8[7I" iU{x q\h)=*t'4)y 5shˊnO^E"85aPRQYoAavX*#4}љ@2ܱ{ gIcVR@5oJkYCqj: @>"ZʾgsZ^B"Ҫ귐_YF*CIxS5BiOs]-:HpFjM[C+: U|Vc8.+ J;wa1# (VHeȧ hMzTr#MW4 +*œVTu1aPS3O sZGT$BrpjbmRvs:k83J׵[hDJ8a-!=;$ 7zEDʒ(ɩosCFF+GCY#fxI4z6So&M7N+PUn[]^6ޙژ|$i;X;;,=5[Z=iNS]:ȥsSn;p02y`X}*eo r3Rj:E.ຈqf䮍]-t=*Zo#5!`9"76ʫ4*ۤ(|9dhU)iK4 [wnǴSQaq! u8.kz( XTڗvY89^Cu#1WKu ׫Ŧں6Qc c>Q#7݉v`IP#;^+el/ҨK[ܕu8? ŭߋlUdw6:CEh؁[vFbB3YiNM-Lx&"Lڎ.qkYja8Cy ŘPP`'m.G4w.MXKHEHc>zWF"Zy@H浧+̪ڣz/$vA'Z:馔G*8]QZLRrRL=ECspO^+L6YQqҳn/bз4isR cH@eN+unijED<|)z[4p$ªP… v;z^47qDcwrPM$Y,X?WS*py5$ѭlduifJm -n;:{VDo][I%i2k+XdD"JԊfgwb c{{b`T0=HbN:y-f5u]ǹ[\\yZeAKR0I$p1Y2%qO=LrhLwnŶʱyp9$+h嘏ʡ 8#+NX-wn%#p NBac*ho ƒ.U&AaFj͌2DuBGڛsp8$f&sDB mCֶ- TF+>ycgM+2Go0fW0J -FY596@Zхf;ҵuc02trwi4[!º1\M= /FdZ}qZ8k2Q2DSMa2C +ۚe'n[\A`i% 0k ݈p(QHE?ݮ>0- *FcJ(q*iErOE,"ղHesCDR=<( :<$nq튱q@1h [v{?~5 hx쌄E53q#ִ#h٘ pI4QUq.9jwB$Q3⣸Yu u) a[uܫrcYtG (}NVRn#&IYet_*2q}袨ff@6 8kCLڪ@EEi4sb8N+g8 EH94ͻMP41 C]he1q(@b)oґW'(!8QE!Q@(##Eh@j() 'h4 2 Wq=(܊G[Ro7(įu3z*h[OXzsْnKÖUGNhR|2w:7TWG0n+H&Γ×mnbQt]\&5ɢ攟1N)6/]^ h$DGsnIT\qek5ED"s4'v w^KKHGQNSv@RܰY<.x("MhŨ( nTEETiՏSBcwMcKr%Gr(_9׺슗v4.%=+wKvQEoI՚}ܩ1lmC2sJ(스:+QXuaeE\Khd@u*
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/11/2016-11-07T150339Z_283858684_S1AEULMEBRAA_RTRMADP_3_EGYPT-CURRENCY-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt,REUTERS/Mohamed Abd El Ghany

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 which the markets consider fair value, the devaluation promises to attract fresh capital into the country and end a hard currency shortage that has plagued the economy for years.

Corporate executives say they will finally be able to make investment decisions based on a transparent, predictable currency market run by banks, rather than an opaque black market in dollars that swung wildly amid profiteering and speculation.

“Before, I used to say we were moving in the dark. We couldn’t see because the situation was so blurred. Now at least we have the lights turned on,” Hani Berzi, chairman of Edita Food Industries, told Reuters.

Despite Egypt‘s history of street protests since 2011, there is no indication so far that the devaluation will cause significant unrest, and many ordinary Egyptians say they understand the move was inevitable.

But Egypt‘s other economic problems mean the hoped-for inflows of hard currency may be slow to arrive, at least in the huge volumes required to eliminate the dollar shortage and convince investors that the pound has stabilised.

Red tape, a sluggish bureaucracy and primitive regulation continue to deter foreign investment. The cabinet is expected this month to consider a draft investment law tackling these obstacles, but it could take months to start having an impact.

The government aims to obtain the first $2.5 billion disbursement of a planned $12 billion International Monetary Fund loan as soon as this month. That would be dwarfed by the country’s hunger for hard currency, however.

Official data is not available but bankers say privately they believe Egyptian banks need several billion dollars to fill their existing commitments. In addition, unmet commercial demand for dollars is estimated at around $8 billion to $10 billion.

“Filling this demand and ending the dollar shortage will not be the work of days. It will take weeks or months,” said one Egyptian banker familiar with the currency market.

Regional investment bank Arqaam Capital said the devaluation could bring $12 billion of foreign money into Egypt‘s bond market and $4.5 billion into equities – but it estimated this might take a year.

A local investment banker said Egypt would avoid one problem often faced by countries after devaluations: an inflated debt burden for companies borrowing abroad. This is because the central bank has prevented local banks from lending in foreign currency unless the borrower earns foreign exchange, he said.

On the other hand, Egypt probably cannot hope for the surge in export receipts that other economies would enjoy after a devaluation, because it is heavily dependent on imports of food as well as components and materials for its industry.

INFLATION

Since the pound’s peg of 8.8 to the dollar was abandoned on Thursday, the currency has tumbled to near 17 – by far its largest drop in a series of depreciations over the last 15 years.

The resulting rise in inflation probably won’t be as big as the currency’s fall, partly because about 90 percent of imported consumer goods were already being paid for at black market currency rates in the months before the devaluation.

Reham El Desoki, senior economist at regional investment bank Arqaam Capital, estimated the devaluation and fuel price hikes introduced last Friday would raise annual inflation to 18-20 percent around the end of this year and a peak of about 22-24 percent next year, from 14.1 percent in September.

The economy has coped with inflation at close to those levels in the past 15 years, Desoki noted. “It is going to be a shock, but I think it is the kind of shock that can be absorbed.”

Nevertheless, the devaluation will eat into the incomes of ordinary Egyptians. Among the middle classes, travel abroad has become harder, students saving to study overseas have seen their plans shattered, and luxury goods have moved out of reach.

For people below the poverty line – more than a quarter of the population of about 91 million, according to the state statistics agency – higher inflation may be much more painful.

There is considerable public anger and dismay at the devaluation but no sign that it will create a serious threat to the government, which has used police to disperse political protests and can count on support from loyal state media.

However, authorities are under pressure to do more to protect people from the economic reforms. On the day after the currency peg was scrapped, officials said they would boost spending on a consumer subsidy scheme and keep the price of bread flat, even though the devaluation makes it more expensive to import wheat.

That will slow Egypt‘s drive to cut a huge state budget deficit that totalled 12.2 percent of gross domestic product in the fiscal year through last June.

Partly because of the devaluation, the government could overshoot its 9.8 percent deficit target for the current year by several percentage points, Desoki said.

That may disappoint Egypt‘s international donors, but they are likely to accept the target being missed as they understand the economy is in a “critical transition phase”, she said.

Comments

comments

Facebook Comments

Post a comment