The central banks of the United Arab Emirates and Egypt have agreed to a currency exchange deal, which could bolster the struggling Egyptian economy
The central banks of the United Arab Emirates and Egypt agreed Thursday to a currency exchange deal, which could bolster the struggling Egyptian economy.
The Egyptian pound lost more than 50% of its value against the dollar in the last 18 months, and the country is suffering from a shortage of foreign currency. Egypt, the Middle East’s most populous country, is the world’s largest importer of grain. Its supplies traditionally have come from eastern Europe, so it has been hit hard by the fallout of the Ukraine war.Last month Egypt’s annual inflation rate stood at 39.7%, more than double compared to the same month last year, when it recorded 15.3%.
“It seems again that the UAE is providing Egypt with financial support,” said James Swanston, an economist specializing in the Middle East and North Africa. “Egypt’s central bank needs more ammunition to prop up its currency.”
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