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FINANCIAL NEWS
Inflation rate in Egypt hits 29.6pct
12 Feb 2017
(MENAFN) Egypt’s annual inflation rate reached 29.6 percent in Jan; three months after the government floated the pound in line with an IMF bailout.
Meanwhile, inflation reached 24.3 percent when prices were growing more quickly than in Dec, the highest level since Jan 2011.
In addition, the government also raised tariffs on hundreds of imported items to more than 60 percent in Dec and introduced VAT in September.
Moreover, the IMF confirmed a first USD2.75bn tranche of emergency loans in Nov after Egypt’s foreign currency reserves plunged.
MENAFN1202201700450000ID1095242068
MENAFN1202201700450000ID1095242068
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