Source: Carnegie Endowment Author(s): Brendan Meighan Original Link: https://carnegieendowment.org/sada/76567 In 2017, the Egyptian economy saw an influx of foreign currency following the implementation of a foreign exchange liberalization in conjunction with a series of structural reforms and an IMF loan package. The hard currency shortage, which had slowly ground the economy to a halt, was...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/74920 In the year following the implementation of an economic reform package from the International Monetary Fund (IMF), Egypt’s economy has witnessed the rapid unwinding of financial tensions that had been building up for more than a generation. Shortages of staple goods had been building up...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/71342 The Central Bank of Egypt’s (CBE) decision to raise its interest rates by 2 percentage points on May 21, 2017 caught the Egyptian business community and investors by surprise. In a Reuters survey of economists following the Egyptian market conducted five days prior, all but one of the...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/67929 Egypt agreed with the International Monetary Fund on November 11, 2016 for a $12 billion loan in exchange for a series of economic reforms. These have already fundamentally transformed the Egyptian economy, particularly and most recognizably, depreciating the Egyptian pound against the...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/66147 After floating the Egyptian pound on November 3 and subsequently cutting fuel subsidies on November 4, the Egyptian government cleared the final hurdles on its path toward receiving the first tranche of its $12 billion loan from the International Monetary Fund (IMF). The blockbuster...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/62534 One of the most pressing crises facing the Egyptian economy has been the severe shortage of natural gas. The crisis itself—which involves supply cuts to factories and frequent electrical outages—has received copious coverage in the domestic and international press and has tested the...
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan Original Link: http://carnegieendowment.org/sada/62135 Tarek Amer began work as governor of the Central Bank of Egypt (CBE) on November 27, following the resignation of Hisham Ramez on October 21. His appointment represents a dramatic and much-needed change in Egypt’s monetary policy and a tacit admission by the government that the
Learn MoreSource: Carnegie Endowment Author(s): Brendan Meighan, Alfred Jasins Original Link: http://carnegieendowment.org/sada/59594 After years of doing little to rectify Egypt’s energy and electricity troubles, the government has finally moved to pursue sustainability. Energy demand, fueled by government subsidies, had for years outpaced domestic production. This has led to a large subsidy bill...
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