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The major factor influencing the Cairo real estate market in Q1 has been
the devaluation of the Egyptian Pound (EGP). On 14 March 2016, the Central Bank
of Egypt announced a 14.5% devaluation in the official value of the EGP from
its previous level of EGP7.73: US$1 to EGP8.85. The CBE’s objective for this
devaluation is to create a more stable economic climate, attract foreign
investment, bolstering confidence in the banking system and its ability to
finance major projects.
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05 April 2016