Egypt's Economic Status 'Weak', Says Head of Parliament's Economic Affairs CommitteeSource: www.export-egypt.com 2/20/2017, Location: Africa |
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Egyptian MP and head of parliament's economic affairs committee Amr Ghallab has described the country's current economic situation as "very weak," but said he expects a decline in prices in the upcoming months.
In statements to Al-Ahram newspaper, Ghallab called for legislation to mitigate an "uncontrollable" hike in the prices of many commodities. On 3 November 2016, the Central Bank of Egypt (CBE) decided to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy. Egypt's annual headline inflation rose to 29.6 percent in January 2017 from 24.3 percent the previous month, hitting its highest level in over a decade. Annual headline inflation registered 10.7 percent in January 2016. Egypt's Ministry of Finance set the customs dollar at an exchange rate of EGP 16. The new rate reflected a recent leap in the Egyptian pound's value against the greenback, which currently sits at an average EGP 15.8 compared to an average of EGP 18.5 earlier this month. Earlier this month, The CBE said the country's foreign reserves reached $26.3 billion at the end of January 2017, up from $24.2 billion in December 2016. The increase in reserves came as Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market, in addition to the first tranche of a loan from the International Monetary Fund worth $2.75 billion -- part of a $12 billion financing package. Egypt held $36 billion in reserves before the 2011 uprising, which overthrew long-time president Hosni Mubarak, ushered in a period of political turmoil that scared away tourists and foreign investors -- two key sources of foreign currency. |
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