Currency and Prices

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Major Thom
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Re: Currency and Prices

Post by Major Thom »

Don't blame you at all Hatusu! The times we have been quoted extortionate prices, then told them the real price and in the next breath they quote the real price, I tell them to get lost out of principle.



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Re: Currency and Prices

Post by carrie »

Just come back from a restaurant not far from me, asked to see the menu and it was all priced in dollars, 2 dollars for a Fanta, which the guy said we could pay for in Egyptian pounds the equivilant of 30le. Said we wouldn't pay that so he said we could have a discount, 15le each for two teas.
El Amira I think it was called I told him that we would never be back.

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Re: Currency and Prices

Post by newcastle »

carrie wrote:Just come back from a restaurant not far from me, asked to see the menu and it was all priced in dollars, 2 dollars for a Fanta, which the guy said we could pay for in Egyptian pounds the equivilant of 30le. Said we wouldn't pay that so he said we could have a discount, 15le each for two teas.
El Amira I think it was called I told him that we would never be back.
Did they not have a menu in Arabic.....priced in LE?

If not, and everyone is treated the same, they are going to be out of business very soon.....no Egyptian would pay those prices.

But I think what you're saying is that the menu is a try-on just for foreigners.

Silly really....especially as most foreigners about at the moment are likely to be long term residents and will give them a wide berth.....forever.

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Re: Currency and Prices

Post by HEPZIBAH »

Unfortunately, since being in Luxor, I have come across the situation where I have been expected to pay double because my 'English pound is worth twice what it was'. I am happy to pay an increase on prices that I would have expected to go up under the normal scheme of things, but that is still not double.

That being said, overall as far as I can see, I have been asked for and paid fair prices.
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Re: Currency and Prices

Post by carrie »

Actually the place was pretty full of day trippers from Hurghada being ferried in for lunch. I think the idea of the dollar menu was for those who had booked a trip "including" lunch would be impressed. "We have only paid...so much for the trip, tickets and lunch included and just look how much it would have actually cost us for lunch if we had not booked with this company. A scam.

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Re: Currency and Prices

Post by Bombay »

carrie wrote:Actually the place was pretty full of day trippers from Hurghada being ferried in for lunch. I think the idea of the dollar menu was for those who had booked a trip "including" lunch would be impressed. "We have only paid...so much for the trip, tickets and lunch included and just look how much it would have actually cost us for lunch if we had not booked with this company. A scam.
Why if running a business and you are able to raise your prices to something more realistic instead of just keeping your head above water for too many years shouldn't you?

Where does it say that the Egyptian pound was devalued so that it could improve the lot of expats and tourists?

Yes it costs everyone much more to go shopping than before but the locals did not just see their incomes almost double overnight (well not all of them).

At the beginning of December I raised my prices I know others have as well mine increased between 40% and 100% depending on the item.
I gave the staff a large pay rise their cost of living has also risen.
I expect costs to continue to go up there is some cushion in my new prices for this as was fortunate in last weeks 25% increase in drinks from Al Ahram.

A Chicken Tikka Massala cost 7GBP in September it now costs 5.50GBP.

However 30le for a can is a bit ott thats double I charge :br

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Re: Currency and Prices

Post by carrie »

I have no objection to paying more, people have to make a living, but I do object to 30le for a small can of Fanta and all the prices being in dollars I'm quite sure yours aren't Bombay.

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Re: Currency and Prices

Post by Dusak »

Well today I received a pleasant surprise at my local supermarket. Half kilo of my drinking chocolate, usually 59Le, down to 54Le. Two large bottles of my fresh milk, down 1.5Le per bottle. Small Detol floor cleaner, 2Le off. Box of chocolate HO'HO'S, like a Swiss roll, down 4Le a box. ''Why?'' my friend asked ''have all the prices come down from last time.'' ''Merry Christmas to your friend, he's a good customer.'' Cheered me up no end. :up :up :up
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 Brian Yare »

carrie wrote:Just come back from a restaurant not far from me, asked to see the menu and it was all priced in dollars, 2 dollars for a Fanta, which the guy said we could pay for in Egyptian pounds the equivilant of 30le. Said we wouldn't pay that so he said we could have a discount, 15le each for two teas.
El Amira I think it was called I told him that we would never be back.
Is that the place down near the tourist ferry landing place, opposite the Luxor Museum? They had an Le priced menu when I was there last month, and about 300 Chinese visitors for lunch.

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Re: Currency and Prices

Post by Hafiz »

Egypt produces so little of what it consumes that the devaluation is going to add to the costs of everything.

Who knows what will happen with the currency. Egypt devalued because it couldn’t get any dollars. In two months the dollars are still scarce. Few are converting dollars into pounds. Smart people.

But what is really interesting is how the currency is not traded on the Sabbath, the wide swings intra day and, most relevantly, that the currency did not react to the Coptic bombing.

Seems to suggest that the trading is all about remittances and that few serious people, attuned to risk, are handing over their dollars.

I can’t find any information about trading volumes, but the intra day variations imply that the volumes are not high. On the other hand it could be that the Cairo banks are really stupid. Take your pick.

No evidence in the currency movements of any multi-national depositing a big $US investment at this stage. Smart b****ers. Even bearded investors are sitting on their hands. Think this story has a way to go.
http://www.xe.com/currencycharts/?from= ... GP&view=1W

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Re: Currency and Prices

Post by newcastle »

I read somewhere (too lazy to look up reference)* that the Egyptian banks ( Central bank?) may be selling dollars at a fixed special rate of exchange (to the EGP) to those businesses who've been caught out with large dollar loans they can no longer repay.

How generous!

*found it :

https://www.bloomberg.com/news/articles ... ound-float

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Re: Currency and Prices

Post by Hafiz »

Newcastle, you are so cynical.

Of course those who didn't see the devaluation coming - they must have been blind, deaf and dumb - should now be compensated for their "misfortune" with the tax income of a widow in Luxor so that they can avoid the results of their stupidity. What are taxpayers for :?

Its now a major Egypt Central Bank program with debt deferral for those in the tourism industry who took out $US denominated debt. Too lazy to quote - its all over the Egyptian media with no one saying saving rich fools with the taxes of poor people is a bad idea.

Dumb fools - they should go broke. :dv Maybe smarter people would buy their distressed assets.

Do any connected people in Egypt ever go broke or does the taxpayer - the widow in Luxor - always bail them out? :tk

The people paid at lot to guess the future say the Government of Egypt is wrong. They say the Estg will trade at 19-20/$US in 2017. http://www.tradingeconomics.com/egypt/currency/forecast. Who do you believe?

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Re: Currency and Prices

Post by crewmeal »

For those on a package holiday, has anyone noticed the hike of around 23% for the same holiday as last year. The agents state that the hoteliers have raised their prices considerably. My 3 nights in the Sonesta plus 2 trips on the Nile with all flights is a tad short of £2K.

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Re: Currency and Prices

Post by HEPZIBAH »

crewmeal wrote:For those on a package holiday, has anyone noticed the hike of around 23% for the same holiday as last year. The agents state that the hoteliers have raised their prices considerably. My 3 nights in the Sonesta plus 2 trips on the Nile with all flights is a tad short of £2K.
That seems somewhat excessive! I appreciate it depends on when you actually book and the dates you are booking for. You may also be flying Business Class rather than Economy.

Are you really travelling all that way for just 3 nights? (Think I may have misunderstood the actual time you intend to be in Egypt.)

Have you thought about booking it all yourself through online sites? It often takes some time to find the ideal deal, but the overall savings can be worth it. Sites such as booking.com also offer a 'pay on arrival' which means that your money stays in your bank account rather than an agents - working for you and not them (not that interest rates are good but every little helps).
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Re: Currency and Prices

Post by carrie »

Really Crewmeal, I have just been to look at a beautiful boat and asked the price of a Nile Cruise, 30 dollars a night.

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Re: Currency and Prices

Post by Major Thom »

I don't blame you Carrie, soft drinks are still around 5le in shops, when they are charging that amount they need to be told, and more so need to be told you will not be returning. Don't think any of us have MUGS with our names printed on anymore.
Shopping yesterday, it's amazing how many things we put back on the shelves.
Good for you, the currency here is LE not Dollars.

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Re: Currency and Prices

Post by A-Four »

To be sure, it is very difficult to see what Egypt's future will be. Since the fall of Mubarak the nations finances have been in free fall. Over the past 18months have seen disaster after disaster. It is evident from my written work on this site, that a positive devaluation was required long ago.

When Egypt entered its new financial year (June) everyone expected a devaluation to perhaps 15 to 16.5 LE to £, when nothing happened, the world quickly observed that the government and Bank of Egypt had argued who was responsible, so by the time the I.M.F. had entered the arena, the whole show had become a pantomime. The final result was and will remain an absolute disaster for the vast majority of the Egyptian people.

Today the Bank of Egypt tells the world that it's financial problems are over and its reserves have risen dramatically in such a short period, do we really believe this. So far Egypt has done NOTHING to capitalise on its tremendous devaluation to encourage international companies to invest.

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Re: Currency and Prices

Post by A-Four »

Major Thom wrote: soft drinks are still around 5le in shops
Very soon I think you will all see the price of a can of soft drinks rise from this 5LE to at least 15LE short term, but for the ex-pat, away from the central tourist areas it will be only 10LE.

I am sure many of you will remember that throughout the late 90's a large glass bottles of Coca Cola at various sites on the WB, could be purchased for 1LE, and every one thought that was a good price. If you were a ex-pat then the real price was 25 pts, but we were never allowed to inform the tourists, which in my opinion, was correct.

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Re: Currency and Prices

Post by Major Thom »

Doubt I will be here when that happens A4.

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Re: Currency and Prices

Post by BENNU »

HEPZIBAH wrote:
crewmeal wrote:My 3 nights in the Sonesta plus 2 trips on the Nile with all flights is a tad short of £2K.
Are you really travelling all that way for just 3 nights? (Think I may have misunderstood the actual time you intend to be in Egypt.)
Three nights plus two trips on the Nile sounds to me like two Nile cruises and three nights at Sonesta. I doubt that Crewmeal is paying all that money for a felucca trip at sunset and a motorboat across the river ...
:lol:

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