If that wasn’t bad enough, inflation of food prices (not including vegetables) reached 11.98% in 1H16, a stark increase from the 6.24% reported during the same period last year, according to the CBE report sent to the House of Representative’s Economic Committee on Wednesday. The report, meant as a brief on the state of the economy, attempts to explain the current FX crisis to the House of Representatives. The CBE listed a lack of confidence in the banking sector’s ability to supply FX as a result of its restrictions as one of the top reasons behind FX shortfalls. The report also cites a growing budget deficit, trade imbalance, the collapse of tourism, shrinking remittances, the funneling of USD abroad, and a weak customs net as key causes.

The report also indicates that Egypt had received USD 29 bn in foreign aid since 2011, with GCC states topping the list of donors. Saudi Arabia and Qatar both granted Egypt with USD 8 bn each in the last five years, while the UAE and Kuwait followed, with USD 6 bn and USD 5 bn provided, respectively, Al Shorouk reports. The report was not available in the CBE’s website as at dispatch time this morning.