The financial crisis in Egypt is over, the Gross Domestic Product (GDP) in 2017 has significantly jumped compared to 2016 and the prices will fall in 2018, governor of the Central Bank of Egypt (CBE) Tarek Amer stated on Wednesday during a press conference.
Amer said the prices will drop and get back to its normal rate before the flotation. Analysts revealed that the prices have jumped to doubles and triples following the liberation of the Egyptian pound against foreign currencies, subsidies have been reduced on oil products and electricity, and subsidies on oil products may be completely removed within three years. The price hikes have nearly hit all products and services.
He further added that this growth was unexpected, and it has been achieved with no restrictions on the flow of foreign currency.
“The imports have dropped from $US 4.3 billion to $US 3.8 billion, and the GDP growth is now showing good signs to start exporting,” added Amer.
(Egyptian Streets)
