In the midst of a tough economic situation, Egypt is dealing with ambitious goals, constant hurdles, and the need for resources. The country’s road to economic recovery has been steep. With a new year ahead, the nation has various plans to put into action to make its financial plans work. However, there are multiple factors at play. Egypt’s economy took a wild turn in March of 2022, with the Egyptian pound plummeting against the USD in both official markets, dropping from EGP 15 to EGP 31 and surpassing EGP 50 in the parallel markets. This upheaval set the stage for a series of economic challenges. Hala El-Said, the Minister of Planning and Economic Development, stated that in FY 2022/2023, GDP surged to EGP 10.2 trillion, which has put Egypt in the face of significant hurdles, resulting in a USD 4.71 billion (EGP 145 billion) current account deficit, equivalent to 1.42 percent of the USD 330.1 billion (EGP 10.2 trillion) gross domestic product (GDP) at the official market rate. Despite these challenges, the Egyptian government has outlined ambitious economic objectives. They aim to reduce inflation to an average of 9.2 percent…
Egypt Plans for a Dynamic Dollar Exchange Rate of EGP 39.6 by 2028
January 10, 2024
