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Egypt's Currency Crisis!
Patrick Boyle On Finance
The War in Ukraine and Egypt's Food Staples
Russia and Ukraine were Egypt's two main sources of wheat, as well as its top two sources of tourism dollars. Bread is an important food staple in Egypt and is heavily subsidized by the government. The price of a basic loaf has been kept at a fraction of a cent in Egypt through subsidies since the 1980s. This cost the government around $5.5 billion per year before prices skyrocketed with the Russian invasion of Ukraine.
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