On 6 March, Egypt’s central bank jacked its key interest rate by six percentage points, the largest hike on record, bringing the rate to 27.25 percent in hopes of ending what Bloomberg has called “the worst economic crisis in decades.”
Tag: Egypt
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ETHNIC CLEANSING: EGYPT’S BUILDING ‘SECURITY ZONE’ IN SINAI IN ANTICIPATION OF ISRAEL’S OFFENSIVE IN RAVAGED RAFAH
Egypt is building a security zone inside its Sinai region in anticipation for a massive influx of displaced Palestinians as Israel plans for a new offensive in Rafah, which is the last city in Gaza before Gazans run out of room to flee.
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EGYPT SAYS IT WILL SUSPEND PEACE TREATY WITH ISRAEL IF NETANYAHU MAKES GOOD ON THREAT FOR GROUND OPERATION IN RAFAH
Egypt will suspend the Camp David Accords—a peace treaty with Israel from 1978—if Israeli Prime Minister Benjamin Netanyahu makes good on his threat to carry out a ground operation in Gaza’s Rafah...
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MIDEAST WAR COSTING ISRAEL’S NEIGHBORING NATIONS
Egypt, Jordan, and Lebanon have suffered “severe” economic damage from Israel’s war with terrorist group Hamas, The New York Times reported.
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ISRAEL TANK STRIKES EGYPT DURING HUMANITARIAN AID TRANSFER
An Israeli tank struck an Egyptian position near Gaza during the second humanitarian convoy—injuring several border guards, Reuters reported on Sunday.
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EGYPT’S CURRENCY FALLS AFTER IMF BAILOUT
The value of Egypt’s currency, the pound, fell 15 percent last week to a record low of 23.09 to the U.S. dollar after the central bank raised a key interest rate by two percentage points.