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The illusion of subsidising

I belong to a generation that used to do well with a monthly allowance of EGP 3 in the 1980s during the first years of preparatory school. Once I enrolled in university, this allowance reached EGP 30, and it was enough for us to enjoy life. This generation had not imagined it would witness a …

Emad El-Sayed

Making ends meet as prices skyrocket

While price increases and inflation are inevitable for any country, in recent months Egypt has seen unprecedented price hikes which have severely impacted families’ cost of living. In the wake of the Egyptian pound flotation, subsidy cuts, and higher fuel prices, the average family’s monthly income does not stretch nearly as far as it used …

Hisham Salah

30% hike in inflation rate in short term: Beltone Financial

The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …

Hisham Salah

Egypt’s unpaved road to austerity

“Just as we should never balance the budget on the backs of the poor, it’s an economic delusion to think you can balance it only on the wallets of the rich.” This seemed to be the beautified confession that the then UK chancellor of the exchequer and austerity guru George Osborne made to the Conservative …

Hussein Keshk

Promises of reform: a story that could end happily, or in disaster

Prime Minister Sherif Ismail and the government have promised a litany of political and legislative reforms that would be implemented in the short term to develop Egypt’s economy and pull it out of its poor state. Debates over the Civil Service Law, the value-added tax, the investment law, as well as the budget deficit, trade …

Hisham Salah

Inflation rate likely to rise next year: experts

Egypt’s core inflation rate climbed to its highest level in seven years in June, underscoring the challenges confronting the government as it grapples with a foreign-currency crunch. Annual core inflation, which excludes volatile items such as food, reached 12.3% in June, up from 12.23% in May and the highest since February 2009, according to the …

Hisham Salah

German inflation picks up moderately

Inflation in Germany has gone up a bit recently, reflecting a trend reversal in energy prices and higher prices for services. But economists are far from sounding the all clear after the latest statistical data.

Deutsche Welle