HARD CURRENCY POOR EGYPTIAN BUSINESSES ENGAGE IN ILLICIT ACTIVITY TO STAY AFLOAT
February 22nd, 2023
EGYPTIAN businesses are struggling to import goods due to an ongoing shortage of US dollars, while the Egyptian pound has depreciated by over half in less than a year and inflation is in the double digits. Such issues, along with tough import requirements, has pushed businesses to resort to roundabout, sometimes illicit, means to stay afloat. Paul Cochrane reports.
AT the end of 2022, following the inking of a USD3 billion loan from the International Monetary Fund (IMF), the Egyptian authorities started working through a backlog of imports at its ports ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.