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3 November 2016: Egypt - Devaluation of the Egyptian pound.

The Central Bank of Egypt decided to float its currency, which had been pegged at 8.8 Egyptian pounds for one US dollar since mid-March 2016. Then, the Egyptian pound depreciated sharply to about 16 Egyptian pounds for one dollar, which means a de facto devaluation of about 80%. As a result, domestic prices in Egypt have strongly risen. The Egyptian Central Bank also raised interest rates. In addition, the Egyptian Government decided to cut spending and implement an austerity program. All this enabled Egypt to get a loan of $12 billion from the International Monetary Fund.

May 18, 2016:
Egypt - Crash of EgyptAir flight MS804.

On Wednesday night, the flight EgyptAir MS804 en route from Paris to Cairo crashed in the Mediterranean with 56 passengers and 10 crew members. The causes of the crash are not yet known. A terrorist act is likely.

Early November 2015: Egypt - The FCO advise against all but essential travel through Sharm el-Sheikh airport.

A Russian plane from Sharm el-Sheikh crashed on October 31, 2015. Since the crash may be due to the explosion of a bomb in the luggage, many Western countries have advised against travel to Sharm el-Sheikh, at least until further notice. In addition, they took measures to repatriate safely holidaymakers who stayed there. 



egypt today
al ahram weekly
daily news egypt
middle east times

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