Egypt

The regularity and richness of the annual Nile River flood, coupled with semi-isolation provided by deserts to the east and west, allowed for the development of one of the world's great civilizations. A unified kingdom arose circa 3200 B.C., and a series of dynasties ruled in Egypt for the next three millennia. The last native dynasty fell to the Persians in 341 B.C., who in turn were replaced by the Greeks, Romans, and Byzantines. It was the Arabs who introduced Islam and the Arabic language in the 7th century and who ruled for the next six centuries. A local military caste, the Mamluks took control about 1250 and continued to govern after the conquest of Egypt by the Ottoman Turks in 1517. Following the completion of the Suez Canal in 1869, Egypt became an important world transportation hub, but also fell heavily into debt. Ostensibly to protect its investments, Britain seized control of Egypt's government in 1882, but nominal allegiance to the Ottoman Empire continued until 1914. Partially independent from the UK in 1922, Egypt acquired full sovereignty with the overthrow of the British-backed monarchy in 1952. The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress society. The government has struggled to meet the demands of Egypt's growing population through economic reform and massive investment in communications and physical infrastructure.

Economical characteristics

 * Currency: Egyptian pound (ISO code: EGP)
 * Central bank discount rate: 8.5% (31 December 2009)
 * Commercial banks lending rate: NA% (31 December 2008)
 * Stock of money (M1): $31.72 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $112.2 billion (31 December 2008)

Notable events:

 * Banking crisis: March 1907, July 1931, 1980-1981, 1990-1995
 * Public default: 1876-1880, 1984 (external)
 * Years in inflation: 5.2% (share of years 1800-2009 with annual inflation above 20 per cent per annum)

Links

 * Egypt on Wikipedia
 * Central bank of Egypt
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * EGYPT: Shoppers, vendors angry as food prices soar by Amro Hassan, October 2010
 * EGYPT: Inflation rates hit lowest figures in 15 months by Amro Hassan, December 2010
 * Egypt cbank holds interest rates stable during protests, Reuters, January 2011
 * Without Internet, Egyptians find new ways to get online by Nancy Gohring and Robert McMillan, January 2011
 * Egypt seeking debt relief from European Union, AP, February 2011
 * Who Built the Pyramids? by Jonathan Shaw, July-August 2003