It's Business Against Government as Egypt Dollar Crunch Deepens
- Opposition mounts against currency curbs seen harming business
- Central bank says restrictions necessary to protect reserves
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Egypt’s billionaire brothers Naguib and Samih Sawiris and a small steel importer named Mohamed are unlikely allies in the mounting opposition to how policy makers are handling the nation’s foreign-currency shortage.
Efforts to crack down on the black market and conserve dwindling foreign currency reserves are forcing Mohamed to break the law to secure dollars to keep his business afloat. The two billionaires, with interests in industries from telecoms to tourism, say the government’s failure to address concerns over the exchange rate and the dollar crunch have kept investors away from a country struggling to recover after four years of unrest.