Weakening Egyptian pound weighs on steel product manufacturers

摘要

Devaluation of the Egyptian pound against the US dollar raises concerns of local steelmakers because of falling profits from semis imports. As a result of the sharp decrease observed since early January, the Egyptian pound has cheapened by 6.3% to EGP 7.63 against the US dollar. Economic crisis in Egypt after the shift of power in 2014 and reduction of investments from GCC countries that ensured foreign currency inflow have caused such a notable depreciation.