News

Egypt’s Inflation Rate Drops to Lowest This Year

Egypt’s Inflation Rate Drops to Lowest This Year

Several Egyptian pound notes are pictured in New York Thursday, April 28, 2005. Photographer: Daniel Acker/Bloomberg News.

Egypt’s annual inflation rate fell to 25.54 percent year-on-year in November, the lowest rate after the country floated its currency in November 2016 as a part of its economic reform program.

The Central Bank of Egypt announced in a statement that inflation dropped from 30.53 percent in October, whilst it reached its highest rate in July. However, it has eased since then, Reuters reports.

In exchange for a $US 12 billion loan from the International Monetary Fund (IMF) to restore its embattled economy, Egypt floated its currency and cut subsidies on energy and electricity, which increased financial burdens on ordinary Egyptians.

Despite the high rates of inflation, an official from the IMF stated early in November that the economic reforms undertaken by the Egyptian government are showing good results.

In March, the inflation rate hit its highest level in 30 years, reaching 30.9 percent.

Minister of Finance Amr Al-Garhy expected earlier this month that the inflation rate would decrease by November and December 2017.

Despite launching its IMF-sponsored economic reform program, financial burdens for most Egyptians increased and poverty spread.

 

Mohamed Salah Wins BBC African Footballer Of the Year 2017
Al-Sisi, Putin to Sign Contracts for Dabaa Nuclear Power Plant in a Bilateral Summit in Egypt

Subscribe to our newsletter


News

More in News

New Administrative Capital Will be Egypt’s First Smart City

Mirna AbdulaalJuly 15, 2018

Archaeologists Discover Hidden Mummy Workshop

Mohamed MohsenJuly 15, 2018

Six Egyptians Selected Among Young Africans for Obama Leadership Program

Egyptian StreetsJuly 15, 2018

Egypt’s Two Female Weightlifters Win Gold Medals at IWF Junior World Championships

Mirna AbdulaalJuly 14, 2018

Qatar 2022 World Cup Date Moved to November-December

Egyptian StreetsJuly 14, 2018

New Draft Law Proposed by Parliament Member to Execute Child Kidnappers

Mirna AbdulaalJuly 13, 2018

Massive Explosion Reported Near Cairo Airport

Sara AhmedJuly 12, 2018

Hospitals Begin Playing Egyptian National Anthem

Mohamed MohsenJuly 12, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.