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2011 News
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Sudan inflation 16.5 per cent up as food costs add to hardship
Ahram Online, Tuesday 10 May 2011--Prices for bread, fruit, vegetables and meat all fell month-on-month but food remains expensive for ordinary Sudanese. Annual inflation in Sudan eased to 16.5 per cent in April from 17.1 per cent in March, but food prices remain high, adding to the country's economic challenges after its southern part voted to secede.
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Negative outlook for Egyptian Banks
Al Ahram Weekly, 28 April 2011-4 May 2011-- Moody’s the international rating agency, reduced it outlook on Egypt’s banking system to negative from stable. It is expected that the decline in tourism, foreign direct investment, incoming fund flows and private consumption in the wake of political unrest to reduce Egypt’s economic growth to around two percent in the next 12-18 months.
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Local inflation eases to 10.7%
The Egyptian Gazette, 11 March 2011--Egyptian inflation slowed in the year to February, supporting a hold in central bank interest rates to support an economy reeling from the impact of revolution. Urban consumer inflation eased to 10.7 percent in the 12 months to February from 10.8 percent in January.
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Egypt pound edges weaker
The Egyptian Gazette, 21 February 2011--The Egyptian pound edged weaker in slow trade after the nation's banks reopened from a three-day closure caused by worker strikes and protests. The pound was trading at 5.883 to the US dollar, down from 5.877.
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Gov’t subsidies miss proper recipient
The Egyptian Gazette, 19 January 2011--The Government’s claims about its kindness in the shape of huge subsidies for poor citizens has been widely ridiculed after the discovery that it was pouring the biggest part of LE105 billion worth of subsidised commodities into the pockets of wealthy people. Economists said that about LE75 billion were allocated to subsidise fuel, while only LE18 billion to enable poor people buy baladi (cheap) bread. Minister of Economic Development regretted that poor citizens were offered on more than LE9 billion of the huge subsidy budget.
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