$20 billion in Gulf Deposits and Investments For Egypt After The High Inflation Rate

 ·    Meet the financing requirements of Egypt

To reassure investors, Egyptian Finance Minister Mohamed Maait confirmed that the $3 billion International Monetary Fund agreement will meet Egypt's financing requirements during the 46-month program period.

·     Billion Dollars At The Central Bank of Egypt

Qatar's sovereign wealth fund had deposited $1 billion with the Central Bank of Egypt, as the gas-rich Gulf state neared a deal to acquire state stakes in some major companies.

Last October, Egypt agreed to a rescue package from the International Monetary Fund, adopted a more flexible currency system and raised interest rates.

$20 billion in deposits and investments for Egypt

Gulf Arab states pledged more than $20 billion in deposits and investments to Egypt.

·      High inflation rate in Egypt

In a statement today, the Central Bank of Egypt revealed that the annual core inflation rate rose 19% in October 2022, compared to 18% in September 2022.

 ·     Inflation rate in Egypt

The Central Bank revealed that the general consumer price index was recorded at 3% in October 2022, compared to a monthly rate of 2.1% in the same month of the previous year, and a monthly rate of 1.6% in September 2022.

The general urban consumer price index, announced by the Central Agency for Public Mobilization and Statistics, recorded a monthly rate of 2.6% in October 2022, compared to a rate of 1.5% in the same month of the previous year, and a monthly rate of 1.5% in September 2022.

The annual general inflation rate was 16.2% in October 2022, compared to 15% in September 2022, according to Mobilization and Statistics.

 ·     Reasons for high inflation

The Mobilization and Statistics Authority explained that the reasons for the rise in inflation are due to the increase in the prices of the vegetables group by (7.6%), the group of dairy, cheese and eggs by (5.7%), the group of meat and poultry by (3.4%), the group of cereals and bread by (1.6%), the group of meat and poultry by 3.4%. Ready-made garments (2.0%), goods and services used in home maintenance (1.9%), outpatient services group (2.8%)

This comes in addition to the group of newspapers, books and stationery with a percentage of (30.5%), the group of higher education with a percentage of (15.1%), the group of pre-primary and basic education with a percentage of (8.5%), the group of general and technical secondary education with a percentage of (3.5%), the group of ready-made meals By (2.3%), the personal care group by (1.9%).