5 things that happened this week (Egypt special):
Not a good time for the currency
The dollar is trading at near 60 pounds in the black market
The official rate is still 30.9 -- having weakened by 50% since 2022
1/5
Not a good time for the currency
The dollar is trading at near 60 pounds in the black market
The official rate is still 30.9 -- having weakened by 50% since 2022
1/5
Moody’s cut Egypt credit outlook from ‘stable’ to ‘negative’
Meaning? The agency still thinks Egypt will meet its debt obligations, but risks of default have increased
Reasons? High debt, currency plunge, potential interest-rate hikes
2/5
bloomberg.com
Meaning? The agency still thinks Egypt will meet its debt obligations, but risks of default have increased
Reasons? High debt, currency plunge, potential interest-rate hikes
2/5
bloomberg.com
Egypt banks imposed new restrictions
Some lenders reduced international credit card transactions to $50
Why? Again, dollar shortages
3/5
bloomberg.com
Some lenders reduced international credit card transactions to $50
Why? Again, dollar shortages
3/5
bloomberg.com
Kuwait-based Alshaya Group is curbing its operations in Egypt
It’ll close 60 shops, including: The Body Shop, Mothercare, Debenhams, Pinkberry, and Claire’s
Short supply of foreign currency is to blame
4/5
bloomberg.com
It’ll close 60 shops, including: The Body Shop, Mothercare, Debenhams, Pinkberry, and Claire’s
Short supply of foreign currency is to blame
4/5
bloomberg.com
A regional war isn’t helping Egypt
Trouble around the Red Sea has reduced Suez Canal revenue
Our estimate: the country has lost about $150 million, so far
5/5
Trouble around the Red Sea has reduced Suez Canal revenue
Our estimate: the country has lost about $150 million, so far
5/5
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