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EGYPT DEVALUES Currency
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RUSSIA – EGYPT DEVALUES Currency & Asks IMF for BAILOUT as Wheat & Energy Price Rises Hurt Economy (20 min)
Egypt consumes THREE TIMES more BREAD per head than the world average. Bread is so important to the population that the Government subsidizes bread prices. Over 60% of Egypt's wheat is IMPORTED and in 2021 80% was bought directly from RUSSIA & UKRAINE. The recent rise in Wheat & Energy Prices have put massive pressure on Egypt. The EGYPTIAN POUND was recently DEVALUED and Egypt has now asked the IMF for an EMERGENCY BAILOUT LOAN.