The Egyptian debt has taken a new turn, after the external debt has exceeded the level of 158 billion dollars.
At the end of last week, the Central Bank of Egypt kept the current levels of interest rates unchanged, and the decision coincided with the resignation of Central Bank Governor Tarek Amer and the appointment of Hassan Abdullah as acting governor.
And Bloomberg Agency revealed that Egypt has become fifth on the list of countries at risk of defaulting on its debts, after El Salvador, Ghana, Tunisia and Pakistan.
(The island)
The Egyptian economy has witnessed the withdrawal of 20 billion dollars of what is known as hot money since the beginning of 2022, which are investment flows aimed at taking advantage of a special economic situation such as the low exchange rate of the local currency.
What's more, the total volume of that money leaving the country in the past four years has reached $55 billion.
Bloomberg Agency also revealed that Egypt may be forced to devalue the Egyptian pound by a large amount of 23%, with the possibility of completely floating it in exchange for Cairo obtaining new loans from the International Monetary Fund.