Egypt's economic crisis is inevitable
Last week, the central bank of Egypt, a large African country, abruptly announced a 600 basis point interest rate increase to ease foreign exchange woes. As soon as the news came out, the Egyptian pound exchange market immediately fell sharply, and the pound exchange rate fell nearly 40% overnight. It will not be long before the Egyptian government's few foreign exchange reserves are exhausted, and an economic crisis is inevitable for Egypt.
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