ERC20:Egypt dims lights to boost foreign reserves

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People walk in the street as shops and stalls are closed at Attaba market in Cairo on May 6, 2021. Depleted foreign currency reserves are casting a shadow on Egyptian streets, with the government moving to dim lights to free up energy for export. – EPA pic, August 28, 2022.

AN economic crisis spurred by the Ukraine war is casting darkness upon Egypt’s streets, as the government dims lights to free up energy for export and bolster hard currency reserves.

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Russia’s invasion of Ukraine had an immediate impact on Egypt, the world’s biggest wheat importer, which has relied on the ex-Soviet states for more than 80% of its grain.


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