Monday,16 July, 2018
Current issue | Issue 1367, (2 - 8 November 2017)
Monday,16 July, 2018
Issue 1367, (2 - 8 November 2017)

Ahram Weekly

Devaluation one year on

Al-Ahram Weekly

A year ago Egyptians were hit in the face by a set of policies that have been long postponed and that would affect their daily lives in a painful way. Triggered by a dollar crunch that resulted in a thriving black market and a block in the industrial and commercial activities, the CBE decided to float the pound. A few hours later, the government took another bold and unpopular measure: lifting fuel subsidies. The aftermath of these decisions affected each and every Egyptian household and pushed inflation to three-decades highs.

Al-Ahram Weekly looks back at how the decision affected various stakeholders 

Collateral damage 

Price hikes stand out as the biggest fallout from the liberalisation of the currency exchange market, reports Mona El-Fiqi

Benefiting from floatation 

Beesan Kassab charts out the winners from the CBE’s decision to float the pound last year

An aggressive policy

Central banks usually use interest rates as a tool to control inflation and stabilise forex markets. Sherine Abdel-Razek asks if the CBE overused it since the devaluation

Burning up energy subsidies

The government complemented the devaluation of the pound with two successive reductions in fuel subsidies to tighten the budget deficit, reports Ahmed Kotb

Trimming the trade deficit

The floating of the pound has helped Egypt narrow its trade deficit, reports Nesma Nowar

On the rebound

TOURISM has benefited from the floatation of the Egyptian pound

add comment

  • follow us on