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FINANCIAL NEWS
Egypt’s inflation rate hikes by 30pct in short term
06 Nov 2016
(MENAFN) Beltone Financial confirms with worries about Egypt’s US dollar supplies, while the gap between formal and informal markets threatened the stability of its economy.
Accordingly, one of the short-term worries is the US dollar reaching EGP16 due to low foreign currency reserves, while the gap between supply and demand would remain for a while.
In addition, a 5bn influx is predicted from applying the deal of exchanging foreign currencies with China, while another 2.5bn would come for the IMF.
Meanwhile, the unofficial market rates are volatile and there are transactions being conducted at EGP15 to the dollar.
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