Get 25% off Blinkist premium and enjoy 2 memberships for the price of 1! Start your 7-day free trial by clicking here:
Egypt allowed its pound to tumble to a new low this week as the country struggles with a foreign currency crisis that is hurting businesses.
The slump in the currency comes after Egypt agreed to move to a flexible currency regime as part of an IMF $3bn bailout intended to help relieve its foreign currency shortage.
Since the central bank said it would move to a flexible currency rate in October, the pound has lost a third of its value as it has allowed it to devalue in phases. Analysts warn that it has further to fall until supply-demand equilibrium is restored to the foreign exchange market.
The weakness of the Egyptian pound is adding to the pain of millions of Egyptians as it fuels inflationary pressure.
Patrick’s Books:
Statistics For The Trading Floor:
Derivatives For The Trading Floor:
Corporate Finance:
Patreon Page:
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here:
Patrick Boyle On Finance Podcast:
Spotify:
Apple:
Google Podcasts:
Join this channel to support making this content:
…(read more)
LEARN ABOUT: Investing During Inflation
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Get 25% off Blinkist premium and enjoy 2 memberships for the price of 1! Start your 7-day free trial by clicking here: https://www.blinkist.com/patrickboyle
We once again see what cancerous organisation the IMF really is.
Egypt is an African country.
Welcome to be an Amerikan controlled Dictator country, amazing how in middle east democratic elections are overturn by USA when it is not on their best interest. Same time, people are guilty as they except this rejime!
The military junta, supported by Israel and the west and other Gulf puppet countries, has just destroyed my country.
I'm an Egyptian and I'd like to say that the current president did a coup d'etat and unlawfully removed the elected president in 2013, he also has more than 300 secret companies hidden abroad where he funnels the billions of dollars he steals from the country which were revealed in the Panama Papers. He also lies about the revenue we generate from the Suez Canal which is 60-65 billions a year but he claims it's only 5 billion a year, he puts the rest in his pocket and funnels it to secret bank accounts in Switzerland and companies in Panama and the Caribbean. We live in a very corrupt country that should've been one of the wealthiest countries on the planet but instead it is one of the poorest.
Muslims second country finical problems
I pray to god everyday to give me a chance to leave the country
I love Egypt because its where i was born and where all my friends and family are and i wish i can just live here like a normal human being having a normal life but i just can't anymore
Everyday here is getting harder and harder and for years we just live on a thin rope of the poverty line and almost the majority of my life we have been struggling with funds and now we have a huge financial situation
Thinking that my beloved country Egypt one day could be a developed country and a lovely place to live in is just a dream so all that could be done now is to leave it so that i can live a normal life
Egypt´s big mistake were mismanagement and mis – allocation from resources. If your country is badly managed, and resources are mis – allocated, and it has too few new currencies, and has been using the same old currency for too long the currency starts to lose its value.
WOW EGYPT WAS THE LARGEST EXPORTER OF WHEAT FOR 5000 YRS.
Egyptian are generally alright but they are probably the most STUPID after Indians. Deserve everything they get on a plate and more for getting rid of a democratically elected party to only accept Dictatorship again from the army haha fools.
IMF is trying to force Ethiopia to do the same thing but the government has refused so far but foreign currency is extremely low and it needs to service 3.6 billion dollars of debt by the end of the year, so the IMF might get what it wants unless UAE bails out the government like they did 4 years ago
Good inputs but kinda boring & longer than needed
May be the old gods are angry that their children have forsaken them for a new parent from another nation. If you know what I mean.
It’s simple-Make Shib inu the national currency
Not 2 worry Egypt can use BRICS currency now and bitcoin, the people money
Egypt is on the way to economic collapse, just like Pakistan. Guess what they have in common. They are part of OIC….they are grossly overpopulated and no control and they are both run by military dictatorship. There is no credible opposition in these two countries and they are both consumed with their peaceful faith. They are both doomed
Where is he from? His accent sounds mostly American but something is off…
I must admit, your pronunciation is one of the clearest that I have heard in a while
broo
great video,
a lil suggestion stop w a monologue, a lil variation helps. else its real monotonous
Just drop dollar exchange it’s all a con , trade in yuan and the problem disappears Ffs .
These incompetent leaders make everything worse.
1952 was a military coup not a revolution.
Building a new capital city in the Desert for the Rich……didnt help the Debt problem.
USA also like this
USA: Military-industrial complex it is kind of allowed good thing or acceptable staff
EGIPTY: Military-economics envolvement it is wrong, should not be allowed
QUESTION: In wich cases are the loan takers allowed to learn from the "best"?
1952 Coup d'état*
Don't say president lol
CAPITALIST/FEMINIST BULLSHIT
Blame the dollar.stop using dollar
Egypt's economic problems, started in 2016,4 years before the pandemic and 6 years before the Russian – Ukrainian war, so that neither was the original cause of the economic problems.
Misleading report trying to coverup the criminal activity of the imf and the Egyptian government that came to power in a united states supported military coup
Egypt now in a really bad shape Egyptian currency soon will be cheaper than the toilet paper
Al sisi is a dictator he kidnapped the country and the Egyptian people he is a criminal dictator .
Alsisi works for israel ksa and uae he is not working for his people he is selling everything in the country he got lots and lots bad hand everywhere from libya to Syria sudan to yamen
United States of America plz help Egypt the land of Pharos
Otherwise the whole Middle East will explode
Hope the Egyptian people will be ok
Excellent and comprehensive analysis of the current situation. Thank you!
مصر بخير
ياحيزبون
Can you do a video on the economic crisis in Pakistan?
Awesome video
who runs the IMF? and where do the get their money from?
Well said, but I would also add that the IMF failed to bailout many countries and Egypt is another example. They set you to failure and the game is rigged. I'm not Egyptian but I do live in Egypt, beautiful ppl with bad leadership 🙁
Never let your military do business. It will capture all of the economy by force and will not allow any competition. Generals will become richer and richer. Country will die eventually. Pakistan is another example.
Thank you for this well informative analysis
Patrick has perfected the death stare for both good and bad news.