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.