Decline in tourism vs Currency Exchange

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Decline in tourism vs Currency Exchange

Post by HEPZIBAH »

I've been catching up on some personal banking this afternoon and had to visit a number of banks, building societys, and the Post Office. I found it interesting that, given the decline of UK tourists to Egypt, the bank's foreign exchange boards still have Egypt listed on view. It must still be a required currency for a sufficient number of people.


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Re: Decline in tourism vs Currency Exchange

Post by Bombay »

I assume they are waiting for Sharm to resume alongside Hurghada and Marsa Alam.

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Re: Decline in tourism vs Currency Exchange

Post by DJKeefy »

HEPZIBAH wrote:I've been catching up on some personal banking this afternoon and had to visit a number of banks, building societys, and the Post Office. I found it interesting that, given the decline of UK tourists to Egypt, the bank's foreign exchange boards still have Egypt listed on view. It must still be a required currency for a sufficient number of people.
6+ months ago Egypt was showing on most exchange boards and i thought it was strange due to the lack of people visiting there.

Today Egypt is not showing at all (I live about 30 miles out of London)
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Re: Decline in tourism vs Currency Exchange

Post by Hafiz »

You might be ignoring the big issue on why the currency is traded. Lots of Egyptians getting out of their junk currency. It could be more about selling than buying.

There is also a more sensible story. Many Egyptian secondary exports rely on imports as part of manufacture. This means they have to buy US/E to buy the imports. This means that there is a trade in commercial currency to support Egyptian secondary industry. It is precisely this issue which is driving current problems. In essence, manufacturers who need to buy inputs from overseas can't get the dollars from the central bank to do this and, therefore, do it on the black at a worse rate. The current policy is limiting exports, and the jobs that go with this, because of the 'rationing' of currency to domestic purchasers.

It's finger in the dyke and can't last. Every newspaper says that the IMF deal includes a devaluation. Maybe 20%.
Last edited by Hafiz on Tue Aug 30, 2016 5:00 pm, edited 1 time in total.

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Re: Decline in tourism vs Currency Exchange

Post by Bombay »

It would have to be Egyptians outside Egypt you cannot get money out even with cards.

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Re: Decline in tourism vs Currency Exchange

Post by Who2 »

Hafiz wrote:You might be ignoring the big issue on why the currency is traded. Lots of Egyptians getting out of their junk currency. It could be more about selling than buying.

There is also a more sensible story. Many Egyptian secondary exports rely on imports as part of manufacture. This means they have to buy US/E to buy the imports. This means that there is a trade in commercial currency to support Egyptian secondary industry. It is precisely this issue which is driving current problems. In essence, manufacturers who need to buy inputs from overseas can't get the dollars from the central bank to do this and, therefore, do it on the black at a worse rate. The current policy is limiting exports, and the jobs that go with this, because of the 'rationing' of currency to domestic purchasers.

It's finger in the dyke and can't last. Every newspaper says that the IMF deal includes a devaluation. Maybe 20%.
Don't understand a word, but it sounds intelligent so I agree about whatever.... 8)
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Re: Decline in tourism vs Currency Exchange

Post by Hafiz »

Bombay - as you know the government has tried to 'protect' the currency by limiting cash overseas withdraws on Egyptian plastic. In characteristic style if you have a poor persons plastic you can't get much but if you have 'gold' or 'platinum' its not so bad. Let the poor eat cake.

As you also know conversion has always been a problem - particularly if you are an overseas investor wanting your results in dollars. This is one of many reasons why so few invest in Egypt (you might lend but that is another question). The big winners in all of this are the local magnates who never have to worry about international competition from international investors.

However, if you have actual physical dollars you are not so bad. Emiranti newspapers publish very recent stories of suitcases of currency being exchanged in Cairo.

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Re: Decline in tourism vs Currency Exchange

Post by Hafiz »

Who2 - if you don't understand don't agree. If I can't put it clearly then maybe its tosh.

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Re: Decline in tourism vs Currency Exchange

Post by HEPZIBAH »

DJKeefy wrote:
HEPZIBAH wrote:I've been catching up on some personal banking this afternoon and had to visit a number of banks, building societys, and the Post Office. I found it interesting that, given the decline of UK tourists to Egypt, the bank's foreign exchange boards still have Egypt listed on view. It must still be a required currency for a sufficient number of people.
6+ months ago Egypt was showing on most exchange boards and i thought it was strange due to the lack of people visiting there.

Today Egypt is not showing at all (I live about 30 miles out of London)
Interesting, because I noticed it a few times today, which is why it struck me and I commented on it. I've just come back from Sainsbury's and there is a currency exchange there so even though it was closed I stood there reading the board to double check. They don't actually have it listed.
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Re: Decline in tourism vs Currency Exchange

Post by Major Thom »

At the beginning of August some shops in Luxor still had Christmas trimmings up, so can't read too much in to it.....

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Re: Decline in tourism vs Currency Exchange

Post by HEPZIBAH »

Major Thom wrote:At the beginning of August some shops in Luxor still had Christmas trimmings up, so can't read too much in to it.....
:urm: What has that got to do with the currency exchange rates that are being shown in the UK?
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Re: Decline in tourism vs Currency Exchange

Post by carrie »

Don't know if it's because he is now upside down but I am finding MT's post more and more difficult to understand. :ni:

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Re: Decline in tourism vs Currency Exchange

Post by Major Thom »

Just reading the first post in the subject about 6 months ago advertising Egypt's Currancy.

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Re: Decline in tourism vs Currency Exchange

Post by HEPZIBAH »

Major Thom wrote:Just reading the first post in the subject about 6 months ago advertising Egypt's Currancy.
:urm: :urm: The first post in the subject was my experience yesterday.
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Re: Decline in tourism vs Currency Exchange

Post by Horus »

Probably euphoria from being in Oz, a bit like deep sea divers get when they feel all happy and just babble on about anything. :lol:
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Re: Decline in tourism vs Currency Exchange

Post by Dusak »

Horus wrote:Probably euphoria from being in Oz, a bit like deep sea divers get when they feel all happy and just babble on about anything. :lol:
:tk I thought that deep sea divers just bubbled on about anything.
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Re: Decline in tourism vs Currency Exchange

Post by A-Four »

HEPZIBAH wrote:I've been catching up on some personal banking this afternoon and had to visit a number of banks, building societys, and the Post Office. I found it interesting that, given the decline of UK tourists to Egypt, the bank's foreign exchange boards still have Egypt listed on view. It must still be a required currency for a sufficient number of people.
I am going back to Hepzibah's original post here, yes you are right, in most cities in the U.K. it is quite easy to obtain LE., but you should note that the exchange is very poor whether you buy or sell, plus a number of banks including the Post Office have been caught holding a large amount of what will become a dud currency with a 20% loss which will soon be realised, but then again, for a very short period they may sell at the same rate as you would get in Egypt. Remember such outlets in the U.K. charge more than 20% on the exchange for the LE,......but they are so pleased to tell you they make no commission. They are all a set of con artists.

I do not want to either help or comment on people wishing to get money out of Egypt except to say it is illegal. In the U.K. anyone withdrawing OR depositing from or into any bank more than £10,000 in cash, or exchanging currencies of a similar amount is investigated. Although you may be told you can take £10,000 in cash out of the U.K., even much less amounts can be questioned, as to your income and banking facilities in the U.K., confiscation is a possibility,............Egypt's laws in this matter are somewhat rather stronger, to say the least.

P.S. - We should remember that during a period in the early 1970's, no one was allowed to take more than £300 in cash out of the U.K. at any one time.

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Re: Decline in tourism vs Currency Exchange

Post by Dusak »

When first coming here to live I carried on my person £35,000 in cash. When going through customs it was spotted bulging in the side pockets of the combat trousers specially bought for this purpose. I showed them my bank statement proving that I had a legitimate claim to the cash and was allowed to proceed. The reason for the cash was to open an account at the new HSBC, but unfortunately due to a four day delay in opening had to carry it with me all over the place. This was eleven years ago.
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Re: Decline in tourism vs Currency Exchange

Post by newcastle »

A-Four wrote:

I do not want to either help or comment on people wishing to get money out of Egypt except to say it is illegal.

No...it isn't "illegal". There are restrictions on the amount of cash you can carry on your person out of the country. Bank transfers are also subject to limitations and clarification as to the origin of the funds would be required for significant amounts (e.g. property sale proceeds)

In the U.K. anyone withdrawing OR depositing from or into any bank more than £10,000 in cash, or exchanging currencies of a similar amount is investigated.

Rubbish.

Although you may be told you can take £10,000 in cash out of the U.K., even much less amounts can be questioned, as to your income and banking facilities in the U.K., confiscation is a possibility,

possible....but highly unlikely. I regularly carry sums of between 1000-5000 GBP to Egypt and have NEVER been questioned. I would regard any questioning as rather impertinent. Confiscation? If it can be proved in a court of law, after you've been arrested and charged, that the money in your possession is the proceeds of theft, drug dealing etc.

............Egypt's laws in this matter are somewhat rather stronger, to say the least.



P.S. - We should remember that during a period in the early 1970's, no one was allowed to take more than £300 in cash out of the U.K. at any one time.
Not for the first time, you are talking rubbish.....or maybe fixated on an earlier time.

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Re: Decline in tourism vs Currency Exchange

Post by A-Four »

Sometimes I really get ****** off with your nasty so called authoritarian

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