Egypt devalues currency and hikes interest rates, citing Ukraine war

Patrick Werr and Nadine Awadalla

The pound dropped to 18.17-18.27 against the dollar, Refinitiv data showed, after having traded at around 15.7 pounds to the dollar since November 2020. Meanwhile, Prime Minister Moustafa Madbouly set the price of unsubsidised bread on Monday at E£11.5 per kilogram, according to a statement from his office. Prices had jumped as much as 25% because of disruption to wheat imports caused by Russia’s offensive in Ukraine.

“However, it will be key whether policymakers now allow the pound to float more freely or continue to manage it and allow external imbalances to build up once more, possibly resulting in future step devaluations like today's,” Swanston said.Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan arrived in Egypt on Monday to meet President Abdel Fattah al-Sisi. The UAE, along with Saudi Arabia, has been a strong financial backer of Egypt. Sisi flew to Riyadh to meet Saudi leaders on March 8.

Shortages of dollars have led to blockages at Egyptian ports, after importers could not obtain necessary foreign currency for letters of credit to get their goods cleared, bankers said. Headline inflation has accelerated to its highest level in nearly three years, registering 8.8% in February and touching the upper limit of the central bank’s 5%-9% target range.

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