Egypt’s import squeeze hobbles economy as dollars run short

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Egypt’s import squeeze hobbles economy as...
 © CyprusMail 2022
Christeen Aiad from eastern Cairo had been hoping to buy a small automatic car this year, but rules preventing importers trading in scarce dollars put paid to that and she is having to get around on her bicycle instead.

The war in Ukraine has deepened Egypt’s economic woes. It sent the import-reliant nation’s bill for wheat and oil soaring and with it the need for dollars, and crushed tourism from two of its largest markets – Ukraine and Russia, a key source of hard currency.

A loss of confidence in the...


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Article automatically added to our system on Wednesday, September 28, 2022

Egypt’s import squeeze hobbles economy as dollars run short


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Article Tags: #egypt   #import   #squeeze   #hobbles   #economy   #dollars   #short  


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