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Egypt oil prices rise, date revealed
Economic expert Mustafa Badra confirmed that the value of global currencies has decreased significantly, falling by approximately 78%. The Egyptian pound has depreciated by 85%, while the US dollar and British pound declined by 30%, and the Japanese yen by 78%. He pointed out that Egypt's economic conditions are unlike those of other countries, emphasizing that the events of 2011 and the Muslim Brotherhood's plans caused delays in the country's development and a rise in its debts. Badra also mentioned that an economic conference will be held in October to reveal the extent of the debt, its repercussions, and the impact of crises such as the Bab el-Mandeb Strait and the Russia-Ukraine war on Egypt. These crises have led to rising oil prices and affected Suez Canal revenues. He anticipates that inflation will persist and interest rates will continue to rise if current circumstances remain unchanged.
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