How are companies in Egpyt dealing with currency fluctuations?

On November 3rd, 2016, Egypt’s president made a tough decision: the devaluation of the Egyptian Pound (EGP). This decision has been taken due to various  economic pressures such as the foreign reserves falling to nearly half since the revolution 2011, budget deficit likely to exceed 11% this year, and a request by IMF to devalue the currency so that it can approve a much required loan of USD 12 Billion over three years. While the results will be beneficial for the economy, it will take time for the general public witness the positive impacts. With Egypt being historically always a high inflation country the devaluation further adds pressure and more than ever food & electricity prices are rising, interest rates are increasing and the “black” money market grows

Companies have come under increased pressure by employees to help them cope with what is now a double digit inflation with the value of the EGP diminishes by the day. In order to assess the various measures companies take to assist employees, Aon Hewitt has launched a flash survey which is free to participate for organizations in Egypt or with subsidiaries in Egypt. The survey will be open throughout December and January. The Results will be published at the beginning of February 2017.