The attached chart (US$ - EGP Free Market Exchange Rate over the past 35 years, on monthly basis) tells so much about what has taken place in and for Egypt since Hosni Mubarak took control of the country. No need for a 200-page report, one look, and some thinking should be enough to make your head spin uncontrollably. There should be no mystery or confusion as to why life in Egypt has fundamentally and categorically deteriorated.
Most of the depreciation came during Hosni Mubarak's 30 years of darkness. A ten-fold worsening. Currencies are linked to productivity. After all, exchange rates are a vote of confidence.
Most of the depreciation came during Hosni Mubarak's 30 years of darkness. A ten-fold worsening. Currencies are linked to productivity. After all, exchange rates are a vote of confidence.
One can only imagine what it would be like today if the trend were going in the reverse direction. One hopes for no more depreciation and thus better times ahead.
Hussein
