Storm Warning in Egypt
In line with an agreement with the International Monetary Fund (IMF), the Egyptian Central Bank has stopped supporting the Egyptian pound since the beginning of the year. The local currency is now trading at a little under EGP30 to the dollar. In a single year, it has lost 70% of its value. When President Abdel Fattah al-Sisi seized power in 2013, it was worth seven to the dollar. Galloping inflation, rationing, shortages and debt gouging are fuelling unprecedented criticism of the military (...)
Source: orientxxi.info
