Egypt’s annual inflation rose sharply in December to its highest level in five years, piling pressure on a government struggling to find ways to deal with a deepening economic crisis.
The annual urban consumer inflation in December rose to 21.3 per cent, up from 18.7 per cent in the previous month, state statistics agency Capmas said on Tuesday.
The latest inflation figure follows the third devaluation of the Egyptian pound in 10 months — the previous ones were in March and October. The currency now trades at more than 27 pounds to the dollar, compared with just 16 pounds in February last year.
Analysts said they expect inflation to continue to rise, while the Egyptian pound will have some way to go before it reaches a “functioning equilibrium”.
Rising inflation and the slide of the embattled pound are the key features of Egypt’s economic crisis, blamed by the government entirely on the Russia-Ukraine war, while critics say it was partially the result of an imbalance in spending priorities that saw billions of dollars going into mega infrastructure projects and. They also blame a persistent effort by authorities to prop up the pound's value against the dollar, disregarding its realistic worth.
Meanwhile, a foreign currency crunch has hit local industries dependent on imported materials and caused shortages in consumer goods.
In a note released on Tuesday, Farouk Soussa of Goldman Sachs International said the pound remained overvalued after three devaluations, something he said was shown by the continuing existence of a parallel (black) market.
“In the absence of significant, near-term capital inflows [from the sale of assets to GCC countries, for example] and with only limited capacity at the Central Bank of Egypt to inject FX liquidity into the market, we think this implies further pound weakness and/or increases in local (interest) rates in the coming days,” he wrote.
Inflation will continue to rise until the end of February given the continuing slide of the Egyptian pound and a new and widely-anticipated round of fuel price raises, Naeem Brokerage Egypt said in a report on Tuesday.
“Food and non-alcoholic beverages were up 4.6 per cent month on month (adding to the 4.5 per cent in November), impacted mainly by bread and cereals, dairy, vegetables and meat,” said Allen Sandeep, research director of Naeem Brokerage Egypt.
This goes partially towards absorbing a 25 per cent devaluation in late October, but signals more inflation to come, Mr Sandeep said.
Egyptian President Abdel Fattah El Sisi has been trying to calm the nation’s 104 million people over the state of the economy, urging that they should not worry or be afraid.
He also urged them not to pay heed to rumours, and said Egyptians should only listen to him and his government.
“This crisis is not of our making. This [Russia-Ukraine] war is not ours, but Egypt is paying the price,” he said on Monday in televised comments.
The government also announced a package of austerity measures on Monday, chiefly designed to cut foreign currency spending and trimming non-essential expenses at government ministries.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
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Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The five pillars of Islam
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
INDIA'S%20TOP%20INFLUENCERS
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
UAE currency: the story behind the money in your pockets
