A shortage of basic goods and skyrocketing food prices are fuelling discontent in Egypt, where a currency crisis has hit imports.
Sugar has all but vanished from supermarkets and imports of items such as powdered infant formula and even some contraceptives are down.
Egyptian authorities, who have blamed traders and suppliers for hoarding and smuggling goods, said they have so far seized 9,000 tonnes of sugar in raids on factories and warehouses, including facilities belonging to Pepsico and Edita, one of the country’s largest manufacturers of confectionaries. The sugar is intended for resale to the public at subsidised prices....
Currency Blackmarket Pricing
Egypt’s pound dropped to 16.11 per dollar in the black market, another record that extends declines over the past month to 19 percent as pressure grows on the country to weaken its currency to lure foreign investment and stimulate growth. Africa’s third-biggest economy, where the official exchange rate is 8.88 per dollar, will close a $12 billion lifeline from the International Monetary Fund within two months, according to Prime Minister Sherif Ismail.....
bth: These are strong early indicators of political instability to come. Currency collapse is causing the commodities hording.