Egypt: Pound hits new record low as recession fears abound

By Ahmed Farid
Posted on Wednesday, 4 January 2023 16:14, updated on Thursday, 5 January 2023 13:53

A customer exchanges US dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. REUTERS

Soaring inflation and a weakening currency, coupled with an ensuing higher borrowing cost have slowed down Egypt's business activity over the past months.

To financiers, including buy now pay later (BNPL) services, higher inflation and a weaker currency have been a boon, yet a looming recession might reverse the trend this year.