Egypt: "Economy in dire straits"

from egyptian gazette......

"The unfavourable conditions affected tourism revenues and forced foreign investors to sell what they owned. Continuing protests could lead to a crisis in the coming months. The Egyptian pound experienced sharp devaluation, he added. If capital investors stayed away, the Central Bank would be forced to use its foreign cash reserves, particularly, after the losses hitting the Egyptian stock exchange estimated at 6 per cent. 
         “If the Central Bank continues to pump liquidity into the local market, it will raise the demand on commodities and services without increasing production. This will in turn lead to higher prices and less purchasing power,” according to Abdel-Aziz"...............READ MORE