Pharos Holding for Financial Investments

Egypt Fuel Price Hikes Fan Inflation Fears

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Hisham Gaber had been preparing his wedding for months, but started to have second thoughts as inflation in Egypt rocketed due to government austerity measures, including sharp increases in fuel prices. “Marriage and handling the additional burdens in these conditions have become an unsound decision,” said the 28-year-old engineer. The government on Thursday announced an … Read more

Egyptians Brace For Austere Ramadan After Reforms

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Ramadan is a time for daytime fasting and lavish evening feasts, but Egyptians are scaling back preparations for the Muslim holy month this year after austerity measures fuelled decades-high inflation. At a Cairo supermarket, Rana, a web designer and mother of two, said she was buying less food in the runup to the start of … Read more