Soldiers Serving $1 Meals Sound Egyptian Pound Devaluation Alarm
- Economists say food centers are to offset faster inflation
- Pound forwards trade at 25% discount to official pegged rate
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The latest sign Egypt may be gearing up to devalue its pound? Discounted meals, being served up on Cairo street corners by the army and police for less than $1.
President Abdel-Fattah El-Sisi, who came to power two years ago in the wake of the Arab Spring, ordered the food drops last month. To economists at Dubai-based lender Emirates NBD and Egypt’s Pharos Holding, they show authorities are preparing for the jump in inflation a weaker currency might bring.