Egypt's Foreign Currency Crisis Impact on The Citrus Season Pricing

Egypt is currently undergoing an economic crisis marked by a shortage of US dollars and other hard currencies, leading to significant disparities between official currency exchange rates in banks and those in the black market. In Egyptian banks, the exchange rate for the US dollar is approximately EGP 30.90, while the black market is trading it at levels exceeding EGP 50.

This economic instability and the pronounced gap in USD supply have created uncertainty in the market, particularly affecting the pricing of citrus products. Many suppliers are experiencing delays in providing firm offers due to the unpredictable currency situation. However, despite these challenges, the high demand expected this season is anticipated to prompt suppliers to announce their final prices by the end of Nov-23.