CAIRO, April 8 (Xinhua) -- Egypt's annual core inflation rate recorded 33.7 percent in March 2024, compared to 35.1 percent the previous month, the Central Bank of Egypt (CBE) said on Monday.

The monthly core consumer price index (CPI) inflation recorded 1.4 percent in March 2024, compared to a recorded 13.2 percent in February 2024, the CBE said in a statement.

Egypt has recently seen a large foreign cash inflow after it signed in February a 35-billion-U.S. dollar investment deal with the United Arab Emirates to develop a new resort city, Ras Al-Hekma, on Egypt's northern coast.

On March 30, Egyptian Prime Minister Mostafa Madbouly announced that Egypt is set to receive the inaugural installment of an 8-billion-dollar expanded loan program from the International Monetary Fund (IMF) in early April.

Earlier in March, the World Bank said it intends to provide more than 6 billion dollars "to support Egypt's development and reform efforts," while the European Union announced it will provide a financial package of 7.4 billion euros (about 8 billion dollars) to bolster the Egyptian economy.

Over the past two years, the dollar shortage in Egypt has led to the devaluation of the local currency and the rise of a parallel market in the country, plunging Egypt into one of its worst economic crises.

The crisis was further exacerbated by the Israel-Hamas conflict that erupted last October, which has impacted Egypt's tourism sector and halved its revenues from the Suez Canal. Enditem

Related

Go to Forum >>0 Comment(s)