Elevated Dollar Value May Impede Egypt’s Ability to Pay IOCs

Elevated Dollar Value May Impede Egypt’s Ability to Pay IOCs

A state official told Egypt Oil & Gas that higher dollar exchange rates in the local market are threatening the ability of the Egyptian government to pay debt installments to international oil companies (IOCs), especially as some IOCs reject payment of dues in Egyptian Pounds, and insist on payment in foreign currency.

The source also explains that the more the dollar price gets further higher than EGP 8, the more susceptible Egypt will be to a currency crisis.

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