Currency and Prices

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Currency and Prices

Post by My Middle Finger »

Now the rate for the Egyptian pound is worth around the 18le mark, that is clearly good news for the tourists (at least at present). I hope however it is not used as a tool to increase prices (I am aware they are rising due to increases in tax etc.) by some restaurant or bar owners, just to fleece tourists out of more money.



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Re: Currency and Prices

Post by newcastle »

As Egypt is a net importer of just about everything, the currency float will add significantly to the cost of many things, including what you get in restaurants.

The hike in electricity and fuel prices will also add to the cost of a wide range of goods....most goods travel by road.

Rising costs will inevitably put upward pressure on wages.

Expect everything to increase in price significantly.

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Re: Currency and Prices

Post by My Middle Finger »

Very true, but I hope bars and restaurants don't add a little bit more, just beacuase they feel the tourists are richer now than before. If it costs more to import goods etc, then that's to be expected, but you know as well as I do that we tourists are seen as cash cows (now a bit fatter cash cows, so to speak).

The problem is, that if/when the le rate gows down (as it is bound to do), restaurants wont reduce their prices accordingly, so Luxor then gets to be an expensive place to visit. :tk

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Re: Currency and Prices

Post by newcastle »

Bombay might wish to comment on whether restaurants in Luxor view tourists as "easy targets" :lol:

I haven't noticed any such effect in Hurghada.

I wouldn't bank on the exchange rate , EGP for GBP, lessening. Some commentators feel there's worse to come if the economy doesn't respond to recent measures...or if there's civil unrest.

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Re: Currency and Prices

Post by Bombay »

What people might want to think on is that over the past few years its "not the right time to put up prices" due to the town being deserted so a number of increases have been absorbed.

No one is a cash cow but prices have gone up recently and need to go up again and will need to go up yet again after that I would expect.

It's slightly different for me than most restaurants as a lot of my items are imported for the Asian menus and these are when they are available cost more and more.

The staff will all require larger pay rises as their cost of living rises.

This year alone I need to install a security system of HD cameras for the license.

So all round prices will go up VAT will be 14% in April.

Having looked around at restaurants and their prices in different parts of the World recently its still quite cheap here.

As I don't employ a full time Indian Chef it helps to keep my prices down quite a bit, more so now as they are paid usually in Dollars.

As Omar Sharif said to Peter O' Toole "Surely for some nothing is written" at this rate its going to be the prices on my menu's thats not written it will be separately printed! :br

But at the moment make the most of the exchange rate as everything will equal out as it was before if it cost you 10GBP for a meal its going to cost you that again likewise if it cost you 2GBP for a Stella its going to cost that again don't forget the vat at 14%
applies to everyone not just Tourist Licensed places as before at 10% and 5% for all the others.

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Re: Currency and Prices

Post by A-Four »

Bombay wrote: As Omar Sharif said to Peter O' Toole "Surely for some nothing is written" at this rate its going to be the prices on my menu's thats not written it will be separately printed! :br
.
If I remember correctly, a character from the very same film was shot dead for not first paying for water from some Sheikh's well,,................dread the thought that one day, one will be expected to pay for 'mya Mazory', or perhaps even worse :wi .

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Re: Currency and Prices

Post by Bombay »

A-Four wrote:
Bombay wrote: As Omar Sharif said to Peter O' Toole "Surely for some nothing is written" at this rate its going to be the prices on my menu's thats not written it will be separately printed! :br
.
If I remember correctly, a character from the very same film was shot dead for not first paying for water from some Sheikh's well,,................dread the thought that one day, one will be expected to pay for 'mya Mazory', or perhaps even worse :wi .
No he was shot for drinking from it in the first place because he was from a different tribe without being invited and he was shot by Omar Sharif its was his entrance to the film.

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Re: Currency and Prices

Post by Major Thom »

I think it will be hard for a lot of business's to absorb the price hikes, because it's the transport costs that will be effected the most. Gas and Benzine have had an increase of over 37%. There have been many Europeans invested heavy in Luxor, and even though many think I am a moron, I still have to feel sorry for these people. I still think it's going to be hard to absorb. Let's hope business's get some relief soon by way of taxes or business fees.

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Re: Currency and Prices

Post by carrie »

When I left Hurghada the rate was 18.5 LE to 1 GBP, checked on XEchange this morning and it is showing 11.5 what is going on?

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Re: Currency and Prices

Post by Who2 »

Talking to a pal who first came to Egypt in the Navy said it was 1GBP to 1Le.
Mind you he said you could also by 3 Stellas for 1 pound..... 8)
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Re: Currency and Prices

Post by newcastle »

carrie wrote:When I left Hurghada the rate was 18.5 LE to 1 GBP, checked on XEchange this morning and it is showing 11.5 what is going on?
:ni: :ni:

According to www.xe.com this morning it's 19.173

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Re: Currency and Prices

Post by carrie »

Thank you didn't check on site just read the email that they send me. Off to the bank right now. :)

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Re: Currency and Prices

Post by Horus »

Bombay wrote:
A-Four wrote:
Bombay wrote: As Omar Sharif said to Peter O' Toole "Surely for some nothing is written" at this rate its going to be the prices on my menu's thats not written it will be separately printed! :br
.
If I remember correctly, a character from the very same film was shot dead for not first paying for water from some Sheikh's well,,................dread the thought that one day, one will be expected to pay for 'mya Mazory', or perhaps even worse :wi .
No he was shot for drinking from it in the first place because he was from a different tribe without being invited and he was shot by Omar Sharif its was his entrance to the film.
It is from the film Lawrence of Arabia and happens at the end of a very long winded entrance and is the first appearance of the character played by Omar Sharif
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Re: Currency and Prices

Post by Dusak »

My Middle Finger wrote:Very true, but I hope bars and restaurants don't add a little bit more, just beacuase they feel the tourists are richer now than before. If it costs more to import goods etc, then that's to be expected, but you know as well as I do that we tourists are seen as cash cows (now a bit fatter cash cows, so to speak).

The problem is, that if/when the le rate gows down (as it is bound to do), restaurants wont reduce their prices accordingly, so Luxor then gets to be an expensive place to visit. :tk
And the main cause of this price freeze if that happens, all the suppliers from the top to the bottom will keep charging the higher price for goods because it is not, and never will be, in their nature to drop their prices as they like to hang onto the higher profits, so the restaurants would be the last ones to blame. IMO.
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Re: Currency and Prices

Post by Brian Yare »

My Middle Finger wrote:The problem is, that if/when the le rate gows down (as it is bound to do), restaurants wont reduce their prices accordingly, so Luxor then gets to be an expensive place to visit. :tk
Why do you speculate that the le rate is bound to go down? While there may be small bumps along the road, I don't see the le recovering in the short to medium term. :mo

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Re: Currency and Prices

Post by Major Thom »

20.90 today

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Re: Currency and Prices

Post by Hafiz »

The 12 month forward rate is 18 or 19 to the $US.

The current problem for the government is that the locals, including the currency dealers, are sitting on their dollars so trading volumes are thin and margins between buy and sell rates wide, putting more downward pressure on the E. The 20% bonds also don't seem to be attracting many dollars out from under the bed. But its early days and apparently the Cairo bankers are learning on the job and have to be weaned off putting on their best suit and going to the Central Bank to politely ask for dollars. :)

Wonder whether a country with the second worst management training in the world planned for this and trained its banking staff to deal with it. :? Do they even have the computer systems to do the trading?

If locals thought the E was going to recover they would be big sellers. They aren't because they believe it will fall further. They could be wrong. Meanwhile international traders are staying away.

A Trump election will lead to market turmoil where anything could happen to the E. Not really smart for the Egypt Central Bank to devalue at this time - but did they have an option after delaying it for years?

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Re: Currency and Prices

Post by carrie »

Well I went into the bank of Abu Dhabi today to change some sterling and they refused saying they only changed currency for those that had an account with the bank.

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Re: Currency and Prices

Post by newcastle »

Not unusual.

Some banks will change for anybody, some only for foreigners and some only for account holders.

Presumably the exchange bureaux will be up and running soon.

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Re: Currency and Prices

Post by HEPZIBAH »

newcastle wrote:Not unusual.

Some banks will change for anybody, some only for foreigners and some only for account holders.

Presumably the exchange bureaux will be up and running soon.
Have the exchange bureaus been closed? Presumably the ones at the airports have been open. If not, where are tourists making their currency exchange?
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