Egypt's inflation jumps to 20.73%

Egypt’s annualised core inflation jumped to 20.73 per cent in November from 15.72 per cent in October, the central bank said today.

The jump comes after the central bank ditched its peg of 8.8 Egyptian pounds to the dollar on 3 November, floating the currency and allowing it to roughly halve in value.

The Egyptian pound declined rapidly against the US dollar after the float until it settled at around 18 Egyptian pounds to the dollar.

In addition to this, Egypt’s external debt is currently estimated at $100 billion, including the $30 billion Dabaa project’s loan, as well as the debts due to governmental and economic institutions and foreign oil companies, experts have warned.