Friday Prayers for Egypt: Devaluation, Further?

Flag Cross Quran


A few ticks of foreign exchange rates seem very little to pray over. In fact, the impact so far seems to be nominal. But as the Egyptian pound has dropped against the US dollar, many forecast difficulty for the poor.

It may get worse. Some predict the current managed devaluation may spiral out of control. Currently Egypt and investors alike are in a holding pattern, awaiting the end of the political transition and conclusions on an IMF loan. Economics likes stability, which these would provide. Unfortunately, on both counts, what is best for Egypt is hotly debated.

God, politics cannot be set aside. But find a way to keep Egyptians fed and warm this winter. Help those well off to be creatively generous. Help those without to be creatively industrious. Help those who hold the reins of policy to spark investment and employment alike.

You know where the pound belongs, God, as perhaps do senior economists around the world. Help it to settle where Egypt – as a nation – profits best. If there are burdens in the interim give patience. But hold accountable those who will lay the cost of their profits and political success on the poor and future generations.

Provide Egypt with sound minds and good leadership. May her economy grow strong; may all rise together.


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