Egypt's cash crunch worsens as several banks impose new limits on foreign credit-card transactions, with the pound trading at 56 to the dollar on the black market, compared to an official rate of 31. Kuwait-based retail franchise conglomerate Alshaya is reducing its operations in Egypt, closing 60 stores including Mothercare, Debenhams, and The Body Shop, due to economic difficulties faced by overseas businesses in the country.
Kuwaiti brand franchise conglomerate Alshaya Group has announced the closure of dozens of shops in Egypt, considerably scaling back its operations due to the economic crisis there https://t.co/xuiiVUUcbc
Kuwaiti brand franchise conglomerate Alshaya Group has announced Kuwaiti retail giant Alshaya Group will close 60 stores in Egypt, including Mothercare, Debenhams, and The Body Shop - due to an economic crisis there https://t.co/uazPt15noB
Kuwait's AlShaya Group curbs Egypt operations due to economic downturn https://t.co/hV9IhN71YS https://t.co/4icwZmHnL6
#Kuwait based retail franchise conglomerate #AlshayaGroup is curbing its operations in #Egypt, citing “difficulties faced by overseas businesses” as the North African nation confronts its worst foreign-currency crunch in decades. https://t.co/9rTjjnTUWS
Kuwait-based retail franchise conglomerate Alshaya is curbing its operations in Egypt, citing “difficulties faced by overseas businesses” in the North African nation https://t.co/QzxAqTjSXt
Egypt's cash crunch keeps getting worse: a number of banks have imposed new limits (as low as $50) on foreign credit-card transactions, and the pound is trading as low as 56 to the dollar on the black market, compared to an official rate around 31. https://t.co/ssRO6PTF39