Cars queue at a petrol station in the Egyptian capital Cairo on November 4, 2016. AFP / KHALED DESOUKI
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
A day after floating its currency and raising fuel prices, Egypt's government turned to defending the unprecedented measures to a frustrated population increasingly panicked about making ends meet.The central bank had earlier announced it would abandon currency controls – the pound tumbled as much as 45 percent – and raise interest rates to the highest level in more than a decade. The steps should all but secure a $12 billion IMF loan seen as crucial to attracting investments and ending a dollar shortage that has crippled business activity.Egypt has struggled to revive its economy since the 2011 uprising that ended Hosni Mubarak's three-decade autocratic rule and the ouster of his Islamist successor two years later. Foreign-currency reserves have stabilized this year, though remain more than 40 percent below their Mubarak-era levels.Egypt's benchmark EGX 30 Index for stocks rallied 3.4 percent in Cairo Thursday, the best performance among more than 90 measures tracked worldwide by Bloomberg, recording the highest close in 17 months.The support has dwindled amid the drop in oil prices, prompting the government to turn to the IMF for help.The government also raised the price of subsidized fuel, with 80-octane gasoline rising almost 47 percent to 2.35 pounds (15 cents) per liter.
FOLLOW THIS ARTICLE