http://www.cbe.org.eg/ Not Responding: Has The E(gyptian)CB Been Plundered?
We were doing some diligence on Egyptian (now historic) gold holdings but unfortunately the following link no longer seems to work:http://www.cbe.org.eg/ To those who guessed correctly that this is the web site of the Egyptian Central Bank, you win whatever is held in the vaults of said building. Which we are willing to bet against all that is held in our own tungsten warehouse in Kentucky, is absolutely nothing. To any potential readers in Egypt, may we recommend you go politely enter the building at 31 Kasr El-Nil Street, Cairo, go to the basement and check on the precious metal inventory. There should be 75.6 tonnes of gold. Which incidentally may also be a sufficient motive for someone to pull off a Die Hard 23.
As a reminder, there should be signs of life here: after all the ECB decided against hiking rates today despite what at first glance appears a food price inflation driven revolution:
Egypt's central bank kept its key overnight interest rates steady on Thursday as it struggles to foster growth without reigniting the high inflation that has fuelled unprecedented protests against the government.
An increase in rates could help slow consumer inflation that is running at an annual 10 percent, but could scare away investment that would help the government meet its growth target of 7 percent next year.
"The central bank is stuck between a rock and a hard place," said John Sfakianakis, chief economist at Banque Saudi Fransi.
"They can keep rates as is and maintain vigilance, but vigilance doesn't help much in this situation, which is that food inflation at 17 percent is creating huge disposable income problems."
"So the other scenario would be to increase rates, but increasing rates would not do anything at a time when the country is up and is going against the regime."
Police fought protesters in the Egyptian cities of Suez and Ismailia on Thursday, the third day of protests to try to oust President Hosni Mubarak.
And for the motherfucking win:
In a statement that accompanied the decision, the central bank repeated
its view that underlying inflation remain contained, saying some of the
worst price increases occurred in early 2010.
It is unclear if the head of the Egyption Central Bank was also 100% confident he too can take away inflation on a 15 minutes notice. All those who wish to ask him directly are invited to try:
Alas, nobody is picking up.
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