Egyptian pound plummets to record low amid economic struggles
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- Опубліковано 5 бер 2024
- The International Monetary Fund has approved an $8bn loan to Egypt.
The country's Prime Minister says the deal will help restore economic stability.
The announcement came as the Egyptian pound plummetted to a record low against the US dollar.
Egypt's central bank has hiked interest rates by 600 points.
Devaluation was one of the IMF's key demands for Egypt.
Al Jazeera’s Mohamed Vall reports.
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#Egypt #EgyptianPound #IMF #EgyptEconomy #EgyptEconomicCrisis #AlJazeeraEnglish
I guess borrowing 100 billions dollars to build a giant empty city in the middle of the desert wasn’t the best financial decision Egypt could make. Who’d a thought?
+ that doesn't produce anything
They should have solved the problems in the country especially the high poverty rate in Cairo but instead, they built a small Dubai to create another problem but bigger
It's the Houthis. They destroyed Egypt's foreign currency revenue.
So what, edomites do it as well, print fiat currency from thinair to build stuff with it
It's al sisi blame him
It's amazing that Egypt has gone from one authoritarian govt to another for almost 70 yrs now. In that period it has developed financial malaise, seen a revolution, tried to build 4 desert cities (since each leader tries to build one) and to top it all it has lost it's leadership of Arab world to gulf states.
They literally said it, the Houthis destroyed the Suez canal revenue
@@MrBoliao98 Yeah, that was just the final straw that broke the - wait for it - camels back. Ba dum tssssss.
But everything the guy said is true, pie in the sky new cities, endemic corruption and obviously being subservient to west etc has led to this.
Before the houthis, Egyptian economy was a mess,@@MrBoliao98
@@MrBoliao98don’t blame the Hosthis for Israel’s mistake if Israel has a Seize Fire then the Hodthis will stop
@@beforeitssaturated5756 the Israelis have a right to the land, they will continue. And the Houthis can decide whether to stop bleeding their Arab brethren or continue.
This is what happens you value economy growth at the cost of corruption and injustice.
they don't value economic growth or they would privatize more state firms
I just got back from Egypt what a terrible country run by idiots. The highways and freeways is filled with unnecesary police checkpoints and huge bumps to slow everyone down. Their way of life is slowed down by their goverment. They made this country so inefficient. There was so much bribery going on. I literally was a walking money pot in Giza every local asking me for money left and right. Their presidents face is all over the place, I mean come on dude you know you going to rule egypt for another 1000 years without conpetition if you really want why put your face everywhere, instead why not help make the country run more efficient so the people can reach their destination quicker. The people are suffering with so much useless police checkpoints. The people are held back. Their streets is absolute shat. People are literally eating shyte. Everything is dirty. Most tourists I know will not be back.
😮😮
You're absolutely correct. We want to and can do some really productive things, but its verbatim as what u say. Productivity has been slaughtered as no one has ownership or gets a say in anything. The west wants it that way though. No matter how much we try to change things here the west always props up the goons.
I totally agree with your comment. I was visiting Egypt in Aug for two week vacation travelling from Cairo to Abu Simbel. I met on my way hundreds of people trying to rip me off everyday, every moment from a hotel lobby staff through, taxi drivers, shop sellers and private guides leading me to the tourists traps. After visiting places, instead of enjoying the time in the evenings the only thing I wanted was to stay at the hotels. I've been to 40+ countries/ 6 continets and it was a first time when I was so happy my vacaction nearing to the end. It is so sad, because I had been planning my visit for weeks and had high hopes to see Egypt gems, meet locals and touch the history and what I found instead was rubbish everywere, thousands of military personnel/ checkpoints, con artists and terrible food poisoning on my last day.
U.s gives money so it can be a military state if it fall the zionist state falls. The Canal shutting down is putting pressure.
@@przemo_c4612 aw gawd awful food poisoning on my last week of the trip as well now I have to get stool test abd blood test I had diarhea for more than 2 weeks. Their food and water is all contaminated. Egypt is a radioactive wasteland
Do not visit Egypt if youre a tourist. I got robbed, assaulted and abused. It was the worst experience of my life. I will never go back again!!!
There are too many scams in Egypt's scenic spots tourists will no longer go to Egypt, their credibility has collapsed.
I was in Egypt a few months ago and it was horrible experience . I was robbed of £4000 Egyptian dollars while on a tour in Red Sea
@@linksmedia1853 lol how stupid of you to loose that much amount.
@@catfish9391 I gave it your mother the escort
@@catfish9391 I lost it in a strip club your m*ther was in there
@@catfish9391 your mummy was in the strip club I couldn’t say no
Nearly 2/3 of Egyptians live below the poverty line 😢😢
The economy of Egypt used to be a highly centralized economy, focused on import substitution during Nasser's term sadly, as SISI came to the rule, Egypt's loan deals and foreign investments has mounted a new inflationary waves and opened up a Pandora's box to it's economy.
Import substitution is a pipe dream. No country - not especially with a huge population has ever successfully done that. Even Russia who has the greatest resources find themselves needing global trade to sustain its economy and citizens.
Military have and will never succeed to solve economic problems.
Hard statment
a country with 80 million that produces nothing and decided to spend the money they dont have on a city in the middle of the desert, what can go wrong?
Don't trust IMF.
Sure. Because it's the IMF that's destroyed Egypt. Not their complete incompetence.
subsidizing bread using debt is the worst idea the people will be lazy and the interest will crush the economy, Egypt will be compromised or is it already too late
If salaries are low as they are. Its not the government subsidizing but the workers. More like communism.
Too late, most of their free income comes from the Suez cannel. There is very little productivity coming from that country
This will only work very short time. But later this will drive up prices. But enslaving the entire country in debt only makes things worse in the long term.
I think its too late.
If they were nicer to visitors and not known for scamming we could boost profit.
oh, so a $9bn IMF bailout loan is egypt's payment for starving g°za! and if egypt accepts expelled people into a "new g°za" con°°°tration camp, is that going to be paid for in loan forgiveness?
Egypt have been holding a blockage on Gaza long before they needed an IMF bailout.
(4:59)...This is THE PROBLEM, increasing the wages of public workers when public workers are already USUALLY better off than the average person; since when did it become a norm that government workers should make more money than those in the private sector?; it should be the other way around, government workers should be "incentivized" to jump over to the private sector where "the profit making model" usually makes things more efficient (notice I said USUALLY) and that is done by paying public workers LESS than the private sector...A "fat" government on a poor country is NOT a good recipe for economic success...
Get rid of over dependence on the dollar and IMF
I was in Egypt a few months ago and it was horrible experience . I was robbed of £4000 Egyptian dollars while on a tour in Red Sea
Good luck with that new city!
The whole world is being destroyed by greed.
Or islam
Bro is an Atheist Turk.@@TrTurkiyeTravel
How about trying to innovate and create something productive instead of being the troll under the bridge making the money via toals...who could have guessed that a country needs to be productive? Only Islam can complain about greed when producing nothing
@@nightking8490Bro is right.
Poverty of Generations
still live under shadow of ancient glory lol
China, Sri Lanka, Venezuela, U.K. Turkey, Japan, Argentina, Greece, Italy, and now Egypt. While I am sure that I missed some, all these nations having trouble simultaneously. Folks, something is coming.
They had it coming.. whats suprise in it ?
Turkish Lira is next...Central bank has negative 58Billion dollar reserve as they kept selling their reserves to value the lira and reduce the inflation
Indonesian Rupiah is next 😂😂😂
Corrupt officials would wide. Got it fixed for the working class to stay working class.
Debts never solve economic crisises. It's time to think about gold again.
The worst is yet to come
This is what the Houthis have done. Simple as that.
Corrupt leaders will blame anything but themselves why can’t SiSi just admit he dropped the ball no instead he deflects acting like his economy was a gem before the Hodthis
No it's there terrorist neighbours called (isreal, haganah, isis, jews) they are so problematic
Wait weren’t they building a new city district also?
So does this mean I’ll get more money when I exchange my US dollars in Egypt
The problem is everything have to be measured by the dollar,things have to change.
Economic struggles will be the new trend across the Middle East soon enough.
economic struggles is worldwide pandemic not just middleeast! You sound like an idiot!
Bread and circuses. As true now as it was 2000 years ago.
And with what face they want to help Gaza ? Take care of your own house first.
Thanks to the military who owns businesses and runs the economy.
Stop subsidizing cost of bread. Without reducing foreign trade deficit from massive wheat import and gov't fiscal deficit for it, Egypt cannot recover from economic death spiral of twin deficits. I know that it is very politically unpopular, or even suicidal (Arab Spring), but it is bitter medicine or right thing to do for long-term stability of Egyptian economy.
Egypt can sell & disband its entire military and pay israel for protection .
That will make egypt save so much money .
The sons of Hitler would take over Egypt too...
You will not convince an Israeli mother to send her son to help Egypt, which hates us. never gonna happen, just a few months ago an Israeli tourist was murderd by a Police Officer of Egypt!!! They hate our guts, helping them from affar by sending them Gas is one thing. Sending our soldiers will never happen. aside from the name of the IDF (Israeli Defence Force) not Egypt
Why not advice Egypt to become a state of Israel
@@ahmednjidda6182
That would be better👍
@@ahmednjidda6182 WTF Why? do Egyptians want to live under Jewish rule? we are not looking for anything like that, only our own Israel.
"innocent" 🤣🤣🤣
Notice how quitting staggering money printing is never mentioned once.
Thank you sisi for f us up
And Houties.
You`re ok in Egypt if you`re at the top of the pyramid - government and military officials - but the vast majority are at the bottom of the pyramid.
And yet the Egyptian dictatorship (fully supported by the US and West in general) has been spending money like its water to build a gigantic vanity project in the desert. Its even named after the current dictator 😂😂😂. No ego there.......
Every thing said about the Egypt economy is just like Nigerian economy, this is how we started spinning downward, if Egypt wanna see it's future just check my country's economy right now. Fix it fast Egypt or you've not seen anything yet.
Egypt have some points at its history where it was very rich like (the pharaonic age) and (Egyptian khadivate) and the (Islamic golden age) on the other side nigeria never seen a rich age
Is it easy and save to invest in productive sectors in Egypt ?
It's not a good strategy relying on IMF
Alhamdulillah
Down with egypt
Aussie dollar greatest currency in the world
I'm just here for the Bitcoin comments 😂
Spring is coming Egypt..
All countries should not only banned IMF economic recommendations but also IMF officials.
No mention of why the Suez canal revenue has dropped: Iran’s friends the Houthis attacking ships?
They should deal with Houthis or get in debt.
arab conquest of Egipt was the worst thing that happend for egiptians
No it was the best, the british destroyed the country
That's sisi for you never for the Egyptian people and that's why they did military coup against Mohammed morose
May Allah have mercy on Mohamed Morsi. Egyptians never deserved him.
Time to get rid of sisi.
What's going to happen to Egypt when turkish invasion forces attacks Egypt from libya
lol, wut?
😂😂😂 turkey and egypt are both broken economies . Broken by corruption and islamists.
In your dream egyptian is gonna fu you up
Why egypt in libya?
El-Sisi is building his dream city which is adding to the debt.
Good on him. Never let your bank account balance get in the way of pursuing your dreams.
Whoever dented to china are gone
Unless currencies are not equalized across world, this nonsense would go on, the so called coveted dominated currency dissapears from Nations plunging them into crisis of cannot buy essential commodity from international market mostly fuels, or whatever is needed by small nations for public which they do not cannot manufacture doesnt have those resources or dont grow them locally, and local currencies versus just one main currency like dollar goes into tailspin creating more and more mess.
I wonder how many Egyptians would move to Israel if given the chance?
Egyptians are not terrorists stop comparing egypt with jews
@@my5092 What on earth are you going on about? My statement is related to the economic and opportunities comparison between the two countries. More jobs and prosperity options in Israel than Egypt. The Israeli passport is far more valuable the Egyptian one.
why doesnt Egypt push to end the war in Palistine? send in troops.
Yea thats a good question, why no other islamic country send troops in Palestine
Because they have no back bone and rely on the US dollar, USA ! 🇺🇸 USA! 🇺🇸
Masri nofor ro khilaf cc
Haters gonna hate
They are like the Algerians and Pakistan, North Korea etc. When the army takes power just run don’t look back.
Keep up the great work you are doing , Ansar Allah. Easy with khat, now.
This is Gods will…submit
The isrel war has caused lack of inflow of dollars through the suez canal.
Did he say 70 pounds per dollar, I just checked its 48 pounds now.... talk about predict the future! Sinking ship... What happened???
I turned their 1 to a 0
There is a saying. All that glitters is not gold😂😂.
Arab world glitter is fading
Egypt is not an Arab country, you dumb.
Egypt should ask Israel for money
That's exactly why Egypt is being make weak.....zionist control.
Lol nobody would ask some terrorists with money, isreal it's self asks usa for money both egypt and its neighbours are poor
كفاية نشر أخبار سلبية عن مصر
imf, ppffffftttttt, then it is a long way down to egypt
Inshallah
Egypt can ask for money from Houthis or their sponsor Iran ❤❤
Yea bro
Wtf egypt has to do with those?
@@my5092 You are an american spy! Shut up!~
USA: Egyptian on the menu
No worries, alah will provide 😅
Abu Huraira reported Allah's Messenger (may peace be upon him) as saying: Iraq would withhold its dirhams and qafiz; Syria would withhold its mudd and dinar and Egypt would withhold its irdab and dinar and you would recoil to that position from where you started and you would recoil to that position from where you started and you would recoil to that position from where you started, the bones and the flesh of Abu Huraira would bear testimony to it.
Sallahu'alaihi'wa'alahi'wa'ssallam
Soon Elon Musk will be able to buy Egypt.
yea yea blame Israel,what did everyone expect from Al jaz "journalism"
Yes the Jews terrorists had done bad things ofcoarse
"PAN AMÁ 🇵🇦 RELOCATION TOURS!! WITH JACKIE!!😊🙋👍🇵🇦❤️👈"
European Investments' Euros are needed for Egypt 🇪🇬.
pass
Why would anyone give them money?
@@StandWithIsraelForever so whom would you give money too India.
@@catfish9391 We have been investing in India and India is investing in Israel for the past 20 years! it is happening already!
@@StandWithIsraelForever but why are you investing in India?
Let’s blame Israel for all egypts woes lol
arab conquest is to blame
+ islam....
They will blame everything except their self
Good afternoon man
😂😂😂😂
Sisi is a conplete M O R O N
Meanwhile in Sudan more people then in Gaza are facing starvasion, people in Mozanbique are facing hunger/starvasion and people in Yemen to, but all aid is going to Gaza, sorry Sudan,Mozanbique & Yemen. Now the UN say there is now money for these counties. BTW; all these conflicts are coased by islamist, Houties in Yemen, Boko Haram in Mozambique, RSF in Sudan and Hamas in Gaza. Most of these islamist teroorist groups are also helped by Qatar that also has a propaganda channel Al Jazeera.
I forgot about Taliban, another extremist islamist group that rules Afganistan now, helped by Qatar, Afghanistan is also facing hunger, stranger, if all those taliban would grow food wouldnt that help? Stop jihad and start growing food for solving hunger Egypt also is suffering from the war started by Hamas last oct. I'm sure lots of people in Egypt are hungry to. Al Jazeera want you to focus on Palestine, and let RSF/Taliban do genocide. Talban destoyed a old budist statue, cultural genocide, and RSF (was jajaweed) has killed hunderd of thousants of NON-MUSLIM AFRICANS IN SUDAN
It’s an artificial issue.
Do you think markets are manipulating the currency to affect countries that are in BRICS?
Should Egypt look for loans from BRICS rather than the IMF?
-JR
Hello, don't lose hope. Keep
praying.
Proverbs 10(DRB)
10:15. The substance of a rich
man is the city of his strength:
the fear of the poor is their
poverty.
why they choose erdogan again?
Cause of US dollars need enter Bricks..
Look @1:24, the richer she becomes, the plumpier her tummy is.
"5 REASONS TO GET PANAMÁ 🇵🇦 RESIDENCY!!😊 🙋👍🇵🇦❤️👈"
Ye sab rafah border na kholne ki saja hai
inke khud ke lale pade hai aur log chahte hai Egypt Gaza walo ko apne yaha jagah de de 😂😂😂
Its your fault pro i2rael
The economy will even get worse. this is what happens when the brothers become complicit in the war on Innocent people of Gaza. This is nothing compares to what is coming
😂😂 what are you talking about the muslim brotherhood was the most incompetent and corrupt group
@@TrTurkiyeTravel BROTHERS IN ISLAM NOT BROTHERHOOD POLITICAL GROUP. ALL THE WORLD WILL PAY A HEFTY PRICE
@@jadsalem2723 hahahahha . There is no bigger lie in the world than the ummah. Centuries of lies and violence done by islam and look where egypt is now ? Türkiye was a rising country when it left islam .
@@jadsalem2723You mean “muslim brothers (ihvan-ı muslimin)”
introduce birth control in egypt.
How stupid…. yeah let’s deregulate the control over the value of currency…. free markets definitely don’t inflate prices for profit….. that never happens 🤦♂️
free market isnt the problem its corruption and inefficiency
the free market is the solution
You idiots have not read Marx and it shows. Free markets are never free. They’re controlled by the ones who have the most capital and can use that capital to control the system. Free enterprise is a lie. Free markets are a lie. Capitalism can only work with strict regulations. You know what the funniest part is? You idiots now sound like communists when communists explain why communism doesn’t work. “Corruption” is inherent to human nature. We need authoritarian like control over the people who have the most capital. Free markets are great for local markets and the little guys. But markets can NOT be free for the big guy
Manipulating the price of a currency (by private actors) is basically impossible. If a currency is overvalued, people (both investors and regular consumers) will sell in the black market, like what happened in Argentina during 2023, and the price will decrease until it is no longer attractive. Regulating the price of a currency consists of buying your own currency at overvalued price, which means the state makes a loss, which in Egypt is paid by debt, which only worsens their condition.
@@nadie8093 manipulating the price of a currency by private actors is extremely possible. The most obvious case being crypto. The fact is that the value of anything and everything, when unregulated, is subject to speculation. Meaning that its value is solely based on private actors. Your point literally makes no sense whatsoever 🤦♂️
Remove El-Sisi