Egypt’s benchmark index shed almost a tenth of its value as the country appeared headed into a new phase of political and economic turbulence after the president issued a decree awarding himself almost unchecked powers.
As the EGX-30 index lost some $5bn and opposition parties prepared for big demonstrations this week, Mohamed Morsi’s office on Sunday emphasised “the temporary nature” of his new powers and called for dialogue.
The president issued an edict on Thursday which placed beyond legal challenge all his decisions for an indeterminate period of time to end when a new parliament has been elected, probably towards the middle of next year.
No comments:
Post a Comment