Middle East & Africa: Macroeconomic overview
The weakening of the Egyptian pound against the United States dollar is delaying Egypt’s third FSRU.
Egypt’s overreliance on imported fuel is partly to blame for its recent foreign exchange shortage. The shortfall has bolstered a growing black market for the Egyptian pound – a trade the government wants to curtail. Consequently, Egypt devalued its currency against the dollar by 12.7% in March.
Log in or register for a free trial to continue reading this article
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up