Foreign currency crisis threatens Egypt's steel sector

摘要

The ongoing currency deficit, together with a fall of the Egyptian pound on the black market and the widening spread (more than 40%) between the official and the unofficial exchange rate, may cause a new wave of the economic crisis in Egypt. Steel importers and local mills, which are depressed by the current situation and need stability of the foreign exchange, are urging the government and the Central Bank of Egypt (CBE) to take some unconventional measures. Egypt has again faced the foreign currency deficit and the uncontrolled devaluation of the pound on the black market.