Feb 13 2012 |
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MARKET TALK: Higher Inflation Seen In Some Mena Countries -NBAD
Monday, Feb 13, 2012
0910 GMT [Zawya Dow Jones]--Higher inflation and lower economic growth are expected in some Middle East and North Africa countries in 2012 due to continued pressures on local currencies, says Giyas Gokkent, NBAD's chief economist. The drop in some countries' foreign reserves and their inability to defend their currencies for long, plus continued security and political tensions, will lead to "higher inflation as a direct outcome and growth in those countries will be affected negatively," he says. "In Egypt, foreign portfolio investment has all but fled. Forex generating tourism sector is working at below capacity. In Syria, there are sanctions, and capital inflows have reversed," says Gokkent. The interruption of foreign exchange receipts is symptomatic of fundamental political problems and instability in these economies, he adds.
(leila.hatoum@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
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