Currency and Prices

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Re: Currency and Prices

Post by Yildez »

Major Thom wrote:We like to eat well, we like to eat good products and branded products. We treat our dog the same he has at least 1 full chicken breast a day, with biscuits, he can go through, 3-4 kilo of Chicken Liver a week, he also eats freash mince, and while ever he's alive he will eat well, and why not he is apart of the family.
I hope you'll be taking him with you when you move to Australia then?



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Re: Currency and Prices

Post by Major Thom »

Have you not realized that although the heavy devaluation in the LE has benefitted us but will be causing poverty to rise. I was trying to get over the cost of things to buy in shops, how much they have gone up in a matter of a few days or a week, giving examples, and trying to get over how are locals going to cope.

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Re: Currency and Prices

Post by newcastle »

Major Thom wrote:Have you not realized that although the heavy devaluation in the LE has benefitted us but will be causing poverty to rise. I was trying to get over the cost of things to buy in shops, how much they have gone up in a matter of a few days or a week, giving examples, and trying to get over how are locals going to cope.
Really???


I had no idea :urm:

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Re: Currency and Prices

Post by BENNU »

Some tourists returned to a shop in the souk to buy gifts to take home. They were upset that the price had escalated in a few days. A clever sales man gave them a long speach to do with the price of USD. The very same items had been on the shelf before the pound dropped, so they did not see the connection. They ended up paying a fair price and everyone was happy. As soon as they had left, I started laughing.

"What?!", he said dramatically, "It costs me more now because the importer has to pay the Chinese in Dollars!"

"Yes," I laughed, "But I bet you told them last week that it was handmade in Egypt!"

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Re: Currency and Prices

Post by Major Thom »

Great laugh Bennu, perfectly true, I think many think we are of the same intalligence. Have you noticed recently the Property Moguls have now started firing mudbrick piles to save them cash, instead of buying from the factories. The stink from these piles is as bad as rotting decaying animals they sling in canals and leave for those downstream to fish out and bury to prevent their homes stinking and disease taking over. So they are starting to think of saving some cash. The good thing is Egypt will never have an obesity problem. I think the dwindling amount of branded foods in supermarkets may be due to the fact they have to be paid for in dollars as well. Some Egyptian food I dont mind, but there is a lot that is virtually sugar ad not much else. The other thing is I hate food that is swimming in oil, and when you have finished eating, your plate is filled with oil, it would not be so bad if it was Virgin Oil, but its not. My meat now is mainly chicken fueled, but I hate to ask for grilled chicken to find it has been boiled to death first and then stuck under a grill or put on hot charcoal to make out it is roasted or grilled. I think it goes back to when I first came to Egypt and tried Mulachia, I found it hard to make out if it was vegetable based or snot based. I do like a good targine though, but again hate to see the ingredients swimming in cooking oil. How many have been to a restaurant, asked for a tee-bone or Sirloin, maybe a rack of lamb and have been greeted with blank faces. I asked for roast lamb once and even "Bahed" to let him know what I wanted, when it came it was in chunks surrounded by nothing more than boddy building fat. I jsut could not eat it and left it, maybe it got heated up and the staff had a treat.

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Re: Currency and Prices

Post by Dusak »

BENNU wrote:Some tourists returned to a shop in the souk to buy gifts to take home. They were upset that the price had escalated in a few days. A clever sales man gave them a long speach to do with the price of USD. The very same items had been on the shelf before the pound dropped, so they did not see the connection. They ended up paying a fair price and everyone was happy. As soon as they had left, I started laughing.

"What?!", he said dramatically, "It costs me more now because the importer has to pay the Chinese in Dollars!"

"Yes," I laughed, "But I bet you told them last week that it was handmade in Egypt!"
This is my main bugbear concerning the price hikes. Old stock being reclassified as a new import to get a higher profit at the cost of their regular customers. I have had this one sided conversation many a time over the increase in costs with my timber supplier, me knowing that his stocks are all pre-price increase. All to no avail, pay up or search elsewhere for a more honest price, but that in itself is a problem, there is no other 'honest' price as they are all jumping on the bandwagon.
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

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Re: Currency and Prices

Post by newcastle »

Apart from the fact that you are unlikely to find anyone selling 'old stock' at 'old prices' I have some sympathy with traders whose stock consists primarily of goods which have to be purchased with dollars.

Every item sold at the 'old price' has to be replaced by an item whose cost will have doubled and , unless you have a high turnover, this is going to create problems : diminishing stock levels, a squeeze (maybe temporarily) on your profits, higher stock-carrying costs, etc.

Electricity prices have risen and I've just had to swallow an electricity bill with a 50% increase in unit price applied to the entire consumption, most of which relates to pre-increase months.

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Re: Currency and Prices

Post by carrie »

Same thing happens everywhere, budget increases in the UK that are supposed to take place after the old stock is sold out is often implemented immediately.
I remember our local fish and chip shop, they always put up prices claiming that the cost of NEW potatoes was higher than the old, but even when the price of the new potatoes came down the price didn't.
I heard that there were demonstrations in Cairo yesterday (11th November) about the price increases anyone heard anything about demo's any where else?

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Re: Currency and Prices

Post by newcastle »

carrie wrote: I heard that there were demonstrations in Cairo yesterday (11th November) about the price increases anyone heard anything about demo's any where else?
Monumental damp squib was my overall impression.

Nothing happened in Hurghada as far as I've heard.

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Re: Currency and Prices

Post by newcastle »

Major Thom wrote:The good thing is Egypt will never have an obesity problem.
According to a 2014 study by British medical journal, The Lancet, a staggering 70 per cent of Egypt's adult population suffers from obesity, a statistic that places it as the 7th most obese country worldwide, where about 56.5 million people are considered to be overweight.

http://www.thelancet.com/pdfs/journals/ ... 0054-X.pdf

http://www.dailynewsegypt.com/2014/06/0 ... ons-egypt/

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Re: Currency and Prices

Post by Major Thom »

I can imagine 7 stone is obese in Egypt. Never head of any trouble any where, if there was it has not been reported.

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Re: Currency and Prices

Post by Mad Dilys »

Perhaps it's in the eye of the beholder, and maybe we don't see ourselves as others see us? 8)
Smile! It confuses people

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Re: Currency and Prices

Post by crewmeal »

How much further will the Egyptian pound slip against western currencies? Today it's around 24.00 to £1

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Re: Currency and Prices

Post by Major Thom »

It seems like the pound (£) is sliding against the dollar and euro, but at this time of year it's horses for course, so all the Christmas travelers, enjoy your holidays. Seriously though the pound for some reason or other seems to drop I the festive season, maybe due to inactivity, I don't know, but it's a little historic. 23.43 was the exchange rate today, but beware the prices here have risen and of course the exchange rate looks good but prices are gradual ally catching up, especially for those that drink or smoke, it's a fact of life I'm afraid. Maybe stay at home and spend Christmas at "Farmer Johns" in Streetly, or the "Drakes Drum" in Great Barr, enjoying a pint of Mitchell and Butlers. There's a good carvary at "The Irish Harp" See if you can gate crash the Carters Refridgeration Christmas do, they say it's great! :lol:

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Re: Currency and Prices

Post by crewmeal »

Imagine there wasn't Brexit. The £1 would be worth around 30 Egyptian pounds :P

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Re: Currency and Prices

Post by HEPZIBAH »

crewmeal wrote:Imagine there wasn't Brexit. The £1 would be worth around 30 Egyptian pounds :P
At £1 = LE23.58 on Tuesday of this week it is not far off anyway!
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it is what you do with what happens to you.
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Re: Currency and Prices

Post by Major Thom »

Its only the unsurities about Brexit that is causing the up's and downs, when things get more sorted it should start to even off again

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Re: Currency and Prices

Post by carrie »

Didn't realise that Brexit would lead to a devaluation of the Egyptian pound, well you learn something everyday. ;)

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Re: Currency and Prices

Post by HEPZIBAH »

carrie wrote:Didn't realise that Brexit would lead to a devaluation of the Egyptian pound, well you learn something everyday. ;)
I've been trying to work that out. Glad I'm not the only one.

The timing of the floating of the Egyptian pound has worked in my favour to a degree. Unfortunately, it does seem to have given some folks in Luxor the idea that they can just automatically double prices instead of putting prices up in line with their own inflation/cpst rates - which are not, as far as I know, double!
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Re: Currency and Prices

Post by hatusu »

I was looking for lampshades and went into the shop on Medina Street which has some lovely ones. I was quoted what I thought was an extortionate price for some particularly nice lampshades (650LE). Just to check I sent my husband in a couple of days later to ask about the same ones. He was quoted 350LE. I wouldnt buy them on principle.

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