In recent weeks, Egypt has been "celebrating" the collapse of the Turkish pound in the face of the hostility of many Egyptians to President Erdogan. But among Egyptian economists there is growing concern that in the coming weeks, the pressure on the Egyptian pound will increase and it will begin to lose its value.

The fear stems from the expectation of raising interest rates around the world to curb inflation. The US Federal Reserve has already announced that it expects three interest rate hikes next year. In such a situation the reasonable scenario is for investors to withdraw their money from risky emerging marketers, including Egypt, and transfer them to the US market. 

What increases the risk regarding Egypt is the fact that its external debt is close to $140 billion and raising interest rates will only make the situation worse. All this is happening when the Omicron crisis threatens Egypt's tourism revenues next year, at least in the beginning.