Page 8 - Currency Devaluation News Today

The holy month of Ramadan is known to be a time of giving. Throughout its days, those who are able, share what they can spare with those less fortunate than themselves in the form of donations. However, many Egyptians – particularly those with fixed incomes such as government employees and pensioners – are forced to

Sunday's announcement came one day before Fitch Solutions released a report, raising its projection for Egypt's inflation during 2023 to 25.9 per cent, up from the 18.3 per cent it projected in February.

The Central Bank of Egypt (CBE) has imposed three devaluations before the US dollar making the local currency almost 50 per cent weaker over the past year.

The crisis has forced the government to look for new sources of foreign currency, including touting the sale of state assets to wealthy Gulf nations.

The Egyptian pound has lost half of its value in less than a year, propelling annual inflation in the import-dependent country to 26.5 percent in January.

A senior Lebanese lawmaker has warned that the enemies are seeking to pick as president someone who would implement their policies.

Analysis: In the face of a deepening financial crisis, political pressures, and growing public discontent, Egypt's president is facing a number of mortal threats that could spell his demise.

According to the Central Bank of Egypt, 39.6 million citizens of the almost 104 million total population have accounts enabling them to conduct financial transactions.

Egyptians can no longer afford basic products after the prices of eggs, milk, meat and poultry soared in recent weeks.

Egypt has been experiencing a shortage of hard currency, especially US dollars, as a result of the exit of approximately US$25 billion of indirect investments since the Russia-Ukraine war erupted.