Cairo Stirs Economic Cauldron

Cairo Stirs Economic Cauldron

The Sisi government may have created a kitchen disaster by revaluing the currency in mid-March. Global investors remain dismissive of the setting, despite a fleeting flourish of approval. Pound realignment was likely intended to spur inbound remittance flows to ease a hard-currency shortage. Tourism is in shambles; canal revenue is weak. At least in theory, repatriating workers’ earnings could be an economic-recovery ingredient. Or not. The only thing coming home to cities like Tanta and Asyut right now is the unemployed and furloughed, given the regional growth backdrop. Egyptian officials are discovering that confidence is in far shorter supply than US dollars.

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