Egypt raises interest rates and introduces floating exchange rate system to receive IMF funding<\/b><\/p>\n
Hwang Yuihyun(SNUAC)<\/p>\n
<\/p>\n
Egypt’s economic situation, which has been deteriorated after the Russia-Ukraine war, is hardly showing signs of recovery. After the war, the sense of crisis in emerging markets increased and a large amount of foreign currency flowed out of Egypt, which caused a serious foreign currency shortage in Egypt and led to inflation due to rising import prices. Egypt’s foreign currency reserves in 2023 fell by about $7 billion compared to before the war, and inflation exceeded 30%.<\/p>\n
The rise in international food prices resulting from the war also put a heavy burden on Egypt’s economy, which relies on wheat imported from Russia and Ukraine. To alleviate the impact of rising food prices on people’s livelihoods, the Egyptian government had to increase its food subsidy budget by 42% in 2023 compared to the previous year. Due to a shortage of foreign currency, restrictions on dollar withdrawals implemented by the Central Bank of Egypt also led to a rise in prices. Prices for imported food rose as importers who were unable to obtain dollars at the official exchange rate from the central bank purchased dollars at the market rate. Accordingly, the Egyptian government lowered tariffs on food last October and implemented measures to allow food importers to smoothly withdraw dollars.<\/p>\n
Due to the impact of increased government spending, the fiscal deficit also increased significantly, and international credit rating agencies Moody’s and Standard & Poor’s downgraded Egypt’s credit rating, expressing concerns about Egypt’s ability to repay its debt. In response to the worsening financial situation, Egypt attempted to attract funds by issuing bonds in currencies other than the dollar, such as the yuan and yen, and made efforts to issue sukuk, an Islamic bond, and conclude a currency swap agreement with the United Arab Emirates.<\/p>\n
In December 2022, Egypt received approval for $3 billion worth of EFF (Expanded Credit Facility) from the IMF, but after the initial payment of $350 million was made, he payment of additional loans were postponed because of differences of opinions between Egypt and the IMF regarding economic structural reform programs such as devaluation of the Egyptian pound and introduction of a floating exchange rate.<\/p>\n
However, in January 2024, the Egyptian government requested the IMF to resume negotiations, and eventually announced in March that the IMF had approved a total of $8 billion in support to Egypt. In accordance with the IMF’s request, Egypt began to speed up economic structural reform, including raising the base interest rate by 6.0% points and introducing a floating exchange rate system to align the official exchange rate with the market exchange rate.<\/p>\n
<\/p>\n
\uc774\uc9d1\ud2b8<\/b>, IMF <\/b>\uc790\uae08 \uc9c0\uc6d0 \uc704\ud574 \uae08\ub9ac \uc778\uc0c1\uacfc \ubcc0\ub3d9\ud658\uc728\uc81c \ub3c4\uc785<\/b><\/p>\n
\ud669\uc758\ud604(\uc544\uc2dc\uc544\uc5f0\uad6c\uc18c)<\/p>\n
<\/p>\n
\ub7ec\uc2dc\uc544-\uc6b0\ud06c\ub77c\uc774\ub098 \uc804\uc7c1 \uc774\ud6c4 \uc2ec\uac01\ud574\uc9c4 \uc774\uc9d1\ud2b8\uc758 \uacbd\uc81c \uc0c1\ud669\uc774 \uc880\ucc98\ub7fc \ud68c\ubcf5\uc138\ub97c \ubcf4\uc774\uc9c0 \ubabb\ud558\uace0 \uc788\ub2e4. \uc804\uc7c1 \uc774\ud6c4 \uc2e0\ud765\uad6d \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc704\uae30\uac10\uc774 \uc99d\ud3ed\ub418\uba70 \uc774\uc9d1\ud2b8\uc5d0\uc11c \ub300\uac70 \uc678\ud654\uac00 \uc720\ucd9c\ub418\uc5c8\uace0, \uc774\ub294 \uc774\uc9d1\ud2b8\uc5d0 \uc678\ud654\ubd80\uc871\uc0ac\ud0dc\ub97c \ucd08\ub798\ud574 \uc218\uc785 \ubb3c\uac00 \uc0c1\uc2b9\uc5d0 \ub530\ub978 \uc778\ud50c\ub808\uc774\uc158\uc73c\ub85c \uc774\uc5b4\uc84c\ub2e4. 2023\ub144\ub3c4 \uc774\uc9d1\ud2b8\uc758 \uc678\ud654\ubcf4\uc720\uace0\ub294 \uc804\uc7c1 \uc774\uc804\ubcf4\ub2e4 \uc57d 70\uc5b5 \ub2ec\ub7ec\uac00 \uac10\uc18c\ud588\uace0 \uc778\ud50c\ub808\uc774\uc158\uc740 30%\uac00 \ub118\uc5c8\ub2e4.<\/p>\n
\uc804\uc7c1\uc5d0 \ub530\ub978 \uad6d\uc81c \uc2dd\ub7c9 \uac00\uaca9 \uc778\uc0c1\ub3c4 \ub7ec\uc2dc\uc544\uc640 \uc6b0\ud06c\ub77c\uc774\ub098\uc5d0\uc11c \uc218\uc785\ub418\ub294 \ubc00\uc5d0 \uc758\uc874\ud558\ub294 \uc774\uc9d1\ud2b8 \uacbd\uc81c\uc5d0 \ud070 \ubd80\ub2f4\uc744 \uc8fc\uc5c8\ub2e4. \uc2dd\ub7c9 \uac00\uaca9 \uc778\uc0c1\uc774 \ubbfc\uc0dd\uc5d0 \ubbf8\uce60 \uc601\ud5a5\uc744 \ucd5c\uc18c\ud654\ud558\uae30 \uc704\ud574 \uc774\uc9d1\ud2b8 \uc815\ubd80\ub294 2023\ub144\uc5d0 \uc2dd\ud488 \ubcf4\uc870\uae08 \uc608\uc0b0\uc744 \uc804\ub144\ubcf4\ub2e4 42% \ub298\ub824\uc57c \ud588\ub2e4. \uc678\ud654 \ubd80\uc871\uc73c\ub85c \uc778\ud574 \uc774\uc9d1\ud2b8 \uc911\uc559\uc740\ud589\uc774 \uc2e4\uc2dc\ud55c \ub2ec\ub7ec\ud654 \uc778\ucd9c \uc81c\ud55c \uc870\uce58\ub3c4 \ubb3c\uac00 \uc0c1\uc2b9\uc744 \uc774\ub04c\uc5c8\ub2e4. \uc911\uc559\uc740\ud589\uc5d0\uc11c \uacf5\uc2dd \ud658\uc728\ub85c \ub2ec\ub7ec\ud654\ub97c \uad6c\ud558\uc9c0 \ubabb\ud55c \uc218\uc785\uc5c5\uccb4\ub4e4\uc774 \uc2dc\uc7a5 \ud658\uc728\ub85c \ub2ec\ub7ec\ud654\ub97c \uad6c\uc785\ud558\uba74\uc11c \uc218\uc785 \uc2dd\ub7c9\uc5d0 \ub300\ud55c \uac00\uaca9\uc774 \uc624\ub978 \uac83\uc774\ub2e4. \uc774\uc5d0 \uc774\uc9d1\ud2b8 \uc815\ubd80\ub294 \uc9c0\ub09c 10\uc6d4 \uc2dd\ub7c9\uc5d0 \ubd80\uacfc\ub418\ub294 \uad00\uc138\ub97c \uc778\ud558\ud558\uace0 \uc2dd\ub7c9 \uc218\uc785\uc5c5\uccb4\uac00 \ub2ec\ub7ec\ub97c \uc6d0\ud65c\ud558\uac8c \uc778\ucd9c\ud560 \uc218 \uc788\ub3c4\ub85d \ud558\ub294 \uc870\uce58\ub97c \uc2dc\ud589\ud588\ub2e4.<\/p>\n
\uc815\ubd80 \uc7ac\uc815 \uc9c0\ucd9c \uc99d\uac00\uc758 \uc601\ud5a5\uc73c\ub85c \uc7ac\uc815 \uc801\uc790\ub3c4 \ud06c\uac8c \ub298\uc5c8\uc73c\uba70, \uad6d\uc81c\uc2e0\uc6a9\ud3c9\uac00\uae30\uad00 \ubb34\ub514\uc2a4(Moody\u2019s)\uc640 \uc2a4\ud0e0\ub2e4\ub4dc\uc564\ud478\uc5b4\uc2a4(S&P)\ub294 \uc774\uc9d1\ud2b8\uc758 \ubd80\ucc44 \uc0c1\ud658 \ub2a5\ub825\uc5d0 \uc6b0\ub824\ub97c \ud45c\uba85\ud558\uba70 \uc774\uc9d1\ud2b8\uc758 \uc2e0\uc6a9\ub4f1\uae09\uc744 \ud558\ud5a5 \uc870\uc815\ud588\ub2e4. \uc7ac\uc815 \uc0c1\ud669 \uc545\ud654\uc5d0 \ub300\uc751\ud574 \uc774\uc9d1\ud2b8\ub294 \uc704\uc548\ud654\uc640 \uc5d4\ud654 \ub4f1 \ub2ec\ub7ec\ud654 \uc774\uc678\uc758 \ud1b5\ud654\ub85c \ucc44\uad8c\uc744 \ubc1c\ud589\ud574 \uc790\uae08 \uc720\uce58\uc5d0 \ub098\uc130\uc73c\uba70 \uc774\uc2ac\ub78c \ucc44\uad8c\uc778 \uc218\ucfe0\ud06c\ub97c \ubc1c\ud589\ud558\uace0 \uc544\ub78d\uc5d0\ubbf8\ub9ac\ud2b8\uc640 \ud1b5\ud654 \uc2a4\uc640\ud504 \ud611\uc815\uc744 \uccb4\uacb0\ud558\ub294 \ub4f1\uc758 \ub178\ub825\uc744 \ud3bc\ucce4\ub2e4.<\/p>\n
2022\ub144 12\uc6d4 \uc774\uc9d1\ud2b8\ub294 IMF\ub85c\ubd80\ud130 30\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 EFF(\ud655\ub300\uc2e0\uc6a9\uacf5\uc5ec)\ub97c \uc2b9\uc778\ubc1b\uc558\uc73c\ub098, \ucd5c\ucd08 3\uc5b5 5,000\ub9cc \ub2ec\ub7ec\uac00 \uc9c0\uae09\ub41c \uc774\ud6c4\uc5d0\ub294 \uc774\uc9d1\ud2b8 \ud30c\uc6b4\ub4dc\ud654 \ud3c9\uac00 \uc808\ud558, \ubcc0\ub3d9\ud658\uc728 \ub3c4\uc785 \ub4f1\uc758 \uacbd\uc81c\uad6c\uc870 \uac1c\ud601 \ubb38\uc81c\uc5d0 \ub300\ud55c \uc774\uacac\uc73c\ub85c \ucd94\uac00 \uc9c0\uc6d0\uae08 \uc9c0\uae09\uc774 \uc720\uc608\ub418\uc5c8\ub2e4. \uadf8\ub7ec\ub098 2024\ub144 1\uc6d4 \uc774\uc9d1\ud2b8 \uc815\ubd80\ub294 IMF\uc5d0 \ud611\uc0c1 \uc7ac\uac1c\ub97c \uc694\uccad\ud588\uace0 \uacb0\uad6d 3\uc6d4 IMF\uac00 \uc774\uc9d1\ud2b8\uc5d0 \ucd1d 80\uc5b5 \ub2ec\ub7ec\ub97c \uc9c0\uc6d0\ud558\ub294 \uac83\uc744 \uc2b9\uc778\ud588\ub2e4\uace0 \ubc1d\ud614\ub2e4. IMF\uc758 \uc694\uad6c\uc5d0 \ub530\ub77c \uc774\uc9d1\ud2b8\ub294 \uae30\uc900\uae08\ub9ac\ub97c 6.0%p \uc778\uc0c1\ud558\uace0 \ubcc0\ub3d9\ud658\uc728\uc81c\ub97c \uc804\uaca9 \ub3c4\uc785\ud574 \uacf5\uc2dd \ud658\uc728\uacfc \uc2dc\uc7a5 \ud658\uc728\uc744 \ub9de\ucd94\ub294 \ub4f1 \uacbd\uc81c \uad6c\uc870 \uac1c\ud601\uc5d0 \uc18d\ub3c4\ub97c \ub0b4\uae30 \uc2dc\uc791\ud588\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt raises interest rates and introduces floating exchange rate system […]<\/p>\n","protected":false},"author":2,"featured_media":1836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[46],"tags":[],"class_list":["post-1835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2024-3"],"acf":[],"_links":{"self":[{"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/posts\/1835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1835"}],"version-history":[{"count":1,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/posts\/1835\/revisions"}],"predecessor-version":[{"id":1837,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/posts\/1835\/revisions\/1837"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=\/wp\/v2\/media\/1836"}],"wp:attachment":[{"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1835"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/wac.snuac.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}