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Dollar surge confuses Egypt market
The Egyptian pound's decline against the dollar by approximately 2% over the past week, reaching its lowest level in five months and approaching 55 pounds per dollar, has led to an increase in the prices of basic commodities such as oil, rice, meat, and eggs in Egypt. Despite foreign exchange reserves rising to $57.35 billion and Egyptian remittances abroad reaching $33.9 billion, geopolitical turmoil and the currency's depreciation have driven up the costs of imported goods, impacting the local market. Experts expect prices to continue rising due to further depreciation of the pound, with the International Monetary Fund forecasting the dollar to reach around 56 pounds by 2027.
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