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00:00 The year 2023 was full of negative events for the Egyptian economy,
00:08 with a decline in the classification and a rise in inflation to measurable levels,
00:12 and also a decline in the value of the Egyptian pound during this year.
00:19 Let's take a look at the classifications and what happened to the Egyptian economy during the year 2023.
00:26 First, the decline in the Egyptian pound by many agencies led to the Egyptian economy and the major crisis
00:34 which is the price of foreign currency exchange and currency deficit.
00:37 S&P Global reduced the Egyptian pound to B-, as well as Moodle to CWA1 and also Fitch Ratings to B-.
00:47 All these agencies reduced the Egyptian pound.
00:51 The reasons are, of course, the measurable inflation rates, which were recorded in view of the price difference
00:58 and the foreign currency deficit, which reached high levels between the official price and the price in the equivalent market.
01:07 The difference was perhaps 20 pounds and more during this year.
01:12 The inflation rates reduced the foreign currency, as well as the rise in the loan amount over the past eight years.
01:19 The debt rate in Egypt was only $164 billion in total, according to the Central Bank.
01:29 There were also talks to increase the loan of the IMF to Egypt to $5 billion.
01:35 The government had agreed with the IMF to a loan of $3 billion during the past period.
01:44 It was supposed to be reviewed by the Egyptian economy, whether the first or the second review, but these reviews were postponed.
01:53 After the events that took place, whether at the level of the war in Gaza or even the problems of the exchange rate and inflation,
02:00 these reviews were postponed and the Egyptian government stopped presenting talks with the IMF to increase this loan again to $5 billion.
02:13 We have already talked about $3 billion, which is the current value that Egypt is supposed to receive after each review on different terms.
02:22 The total debt of the IMF is $22 billion and the rest of the loan has been suspended due to the postponement of the reviews.
02:33 In general, the IMF has asked for a softer exchange rate for Egypt and recently, a higher inflation rate has been treated.
02:43 We also look at the evaluation of the Egyptian pounds.
02:48 There are many investment banks and also expert houses that talked about expectations in the future of the dollar in exchange for the Egyptian pounds.
02:59 HSBC talked about expectations of reaching the exchange rate of between 40 and 45 pounds per dollar in the first quarter of next year.
03:10 Fitch also talked about 45 pounds per dollar next year.
03:15 The IMF also talked about a new possibility of a dollar exchange rate of 39 pounds per dollar.
03:32 The dollar exchange rate in the official market is about 31 pounds per dollar, but the other prices estimate the dollar in exchange for the Egyptian pounds in the equilateral markets between 49 and 50 pounds per dollar.
03:48 There are four prices for the dollar in the Egyptian market that we saw in 2023.
03:53 First, the official prices of the banks, as we know, and also the equilateral market price and the exchange rate of the dollar in the equilateral market, which recorded at times 51 pounds per dollar.
04:06 The price of the gold market is also what the gold merchants estimate the dollar in exchange for the Egyptian pounds, and it is estimated that the price of a gram of gold or even a ounce of gold is based on it.
04:25 The dollar exchange rate in the Egyptian market is estimated to be 62 pounds per dollar.
04:37 The dollar exchange rate in the Egyptian market is estimated to be 64 pounds per dollar.
05:01 (whispering)