Egypt Postpones Non-Essential Projects to Save Foreign CurrencyEgypt’s Prime Minister Mostafa Madbouly ordered on 9 January 2023 the postponement of any unstarted projects that require foreign currency until the end of the fiscal year (FY) in June in order to cope with shortages in foreign currency and rising inflation. The decree bans state bodies from dealing with foreign currency unless they obtain approval from the Ministry of Finance in coordination with the Central Bank of Egypt (CBE). These decisions aim to help Egypt cope with continued strain on foreign currency reserves, and the depreciation of the Egyptian Pound. The Egyptian Pound, which recently fell to 27.25 against the United States (US) dollar on 5 January, continues to devalue in projections. At the time of publication the Egyptian Pound stands at 27.7 against the US dollar.
