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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.