Arab Today, arab today ten economic milestones in egypt\s revolutionary year
Last Updated : GMT 09:15:19
Arab Today, arab today
Arab Today, arab today

Some of the drama economy has seen over

Ten economic milestones in Egypt\'s revolutionary year

Arab Today, arab today

Arab Today, arab today Ten economic milestones in Egypt\'s revolutionary year

Protester in Tahrir Square with money on his mind (Photo: Mai Shaheen)  
Cairo - Arabstoday

Protester in Tahrir Square with money on his mind (Photo: Mai Shaheen)   1) Egypt\'s stock exchange is suspended: 28 January Stock exchange With anti-Mubarak protests raging and shares plummeting in value, Bourse authorities made the decision to keep Egypt\'s stock exchange shut after the two-day weekend. The market remained closed for eight weeks, finally reopening amid much fanfare on 23 March with new measures to halt trade if stock values plunged.
The benchmark EGX30 dived to an 18-month low on reopening and has been steadily declining ever since, with fresh outbreaks of street violence prompting further dips. The main index has tumbled 40 per cent since 25 January 2011.
2) Egyptian banks are forced to close: 30 January
Egyptian banks
With police forces withdrawn from the streets, Egypt\'s banks feared for the worst and opted to close their doors. Coming at the end of the month, when employees normally receive their salaries, it meant Egyptians were unable to access much-needed funds.
Banks reopened on 7 February amid worries Egyptians would descend en masse to withdraw their savings -- a fear that did not materialise.
3) Gas pipeline to Israel bombed: 5 February
Israel pipeline
While protests raged in Egypt\'s cities, saboteurs in North Sinai struck the pipeline supplying natural gas to Israel and Jordan. The assailants, who remain unknown, have struck nine more times, most recently on 18 December.
During Mubarak\'s reign, Israel received Egyptian natural gas at reduced rates and the ousted president now faces charges of personally profiting from the sales. Egyptian officials have said they are renegotiating the price of gas exports with both Israel and Jordan but so far no agreements have been signed.
4) Omar Effendi is renationalised: 7 May
Omar Effendi
A landmark verdict from a Cairo administrative court overturned the controversial sale of the iconic department store to a Saudi buyer -- a ruling that sparked a wave of court actions that resulted in three more Egyptian firms being renationalised.
The 2006 sale of the Bank of Alexandria and six other renationalisation cases are now under review in court. Over 300 companies were privatised in the last two decades. The legal battles have resounded with disgruntled workers at formerly state-owned firms who have added a new demand to their demonstrations: a plea their employers be returned to the public sector.
5) New minimum wage announced: 1 June
Wage demands
The interim government approved a new monthly minimum wage of LE700 (US$120) for the public sector starting from July 2011, in a partial move towards social equality.
Private sector workers, however, saw no such agreement, only the promise of an \"emergency allowance\" in 2012 for those earning less than LE700.
6) Egypt\'s ruling military rejects IMF loan: 25 June
IMF
Struggling to balance its budget, Egypt\'s interim government started the summer apparently ready to accept a $3.2 billion loan from the International Monetary Fund (IMF).
But then the Supreme Council of the Armed Forces (SCAF) vetoed the move, saying it had decided \"not to burden\" any future government with repayment obligations. Just six months later, with foreign currency reserves falling under $20 billion, there was an apparent change of heart. In January, the IMF returned to Cairo to resume discussions but not everyone is happy.
7) Military rulers approves new budget, with severe cuts: 4 July
Tantawi and Sharaf
Under pressure from the SCAF, the interim government had to cancel a 2011-12 plan for LE40 billion in public investments to avoid a wide deficit, sacrificing a targeted growth rate of 3 per cent.
The budget was passed by the military council without parliamentary discussion and saw other expenditures slashed by LE27.3 billion, affecting planned unemployment benefits and pensions. A few days after the budget took effect, a sit-in on Tahrir Square helped force a cabinet reshuffle and the removal of minister of finance Samir Radwan.
8) Hazem El-Beblawi becomes Egypt\'s first post-Mubarak finance minister: 16 July
Hazem El-Beblawi
An economist with international teaching experience, El-Beblawi replaced Samir Radwan who was appointed by Mubarak in the final days of his presidency. El-Beblawi said imposing a maximum wage was his top priority but he left office in late November with his dream unfulfilled.
During his five months in office, he oversaw a new austerity budget and campaigned to reopen IMF negotiations to secure a loan with which to bridge the deficit. In December, Momtaz Said became 2011\'s third finance minister.
9) Central bank raises interest rate for first time in two years: 24 November
Central Bank
Egypt\'s interest rate, stable since 2009, saw a 1 per cent hike as the central bank struggled to ease pressure on the country\'s currency following fears of political instability amid a fatal security crackdown on protesters near Cairo\'s interior ministry.
The central bank raised deposit and lending interest rates to avoid an increase in bank withdrawals and dollarisation.
10) International reserves halved: 6 January 2012
Shrinking dollars
Egypt has shed $18 billion in foreign currency reserves since the beginning of the revolution, the central bank announced just before the uprising\'s first anniversary. When protests first broke out, reserves were around $36 billion.
The central bank caused the quick depletion by pumping in dollars to defend the Egyptian pound after foreign treasury bill holders, worried by prolonged political instability, sold off assets and repatriated their funds.
 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ten economic milestones in egypt\s revolutionary year Arab Today, arab today ten economic milestones in egypt\s revolutionary year

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:20 2017 Friday ,17 February

Samsung heir arrested in corruption probe

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally

GMT 08:45 2017 Thursday ,16 February

Hanjin saga reveals S.Korea corporate governance flaws

GMT 09:40 2017 Wednesday ,15 February

Heineken profits drained in 2016 by currency turmoil

GMT 09:10 2017 Tuesday ,14 February

Sharjah Chamber Eyes Strong Economic Ties with Belgium

GMT 08:23 2017 Tuesday ,14 February

Toshiba dives on shock loss-reporting delay

GMT 08:18 2017 Tuesday ,14 February

Banker-financier Mnuchin sworn in as US Treasury chief
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday