Exchange Rate (2nd December 2013)

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Exchange Rate (2nd December 2013)

Post by DJKeefy »

Exchange Rate (2nd December 2013)

1 GBP (GBP) - 11.28 EGPs (EGP)

1 EUR (EUR) - 9.32 EGPs (EGP)

1 USD (USD) - 6.89 EGPs (EGP)

Data courtesy of Coinmill


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Re: Exchange Rate (2nd December 2013)

Post by A-Four »

Yes quite interesting, however it has already been suggested on here that yours truly could be in Egypt, so best not to comment at this stage, except to advise that the authorities in Luxor are aware of the black market problem around a certain well known watering hole in town that is 'home' to a number of ex-pats,..........you are warned.
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Re: Exchange Rate (2nd December 2013)

Post by Dusak »

Yes, so all take your cash around to Sinbads for that higher exchange. Well known fact for as many years I've been here. Also the large coffee house in the center of the souk, but slightly lower rate. He made a fortune giving 5Le for each £1 from the street kids and anyone else stuck with these none bankable coins.
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Re: Exchange Rate (2nd December 2013)

Post by A-Four »

I am sure you do mean a well known watering hole for ex-pats Dusak, I suggest it is un-wise to name names on this site. It is also important for any ex-pat in Egypt to be very careful what they write on facebook.
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Re: Exchange Rate (2nd December 2013)

Post by Dusak »

Anyone that didn't know is probably dead. And anyone that is really interested is probably brain dead.
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Re: Exchange Rate (2nd December 2013)

Post by A-Four »

The Egyptian Central Bank have given a full direct instruction to lower interest rates, to all banks operating in Egypt on the LE, though I have noticed you can still get 10% on one year bonds and as much as 14-5% for a 10 year bond, so hurry. You ofcourse should avoid at all cost the 10 year bond. The new rate will around 8%, so I am sure they will see a massive withdrawl of bonds come the end of the year.

The governor of the bank last week, stated that this was now required because inflation in Egypt had fallen dramatically. (God only knows which planet that guy lives on). The true reason for the fall is that now no one can take out their $ from Egypt it is hoped every one will invest in Egypt's Stock Market, an ex-pat would need a strong nerve in that field of investment,..........so its back to under the matress again.

Expect a de-valuation of the LE to 13LE by January, followed by a further fall to perhaps 15LE to Sterling by next Summer.
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Re: Exchange Rate (2nd December 2013)

Post by Brian Yare »

A-Four wrote: Expect a de-valuation of the LE to 13LE by January, followed by a further fall to perhaps 15LE to Sterling by next Summer.
A-4, I think that you are optimistic here. I see the exchange rate staying at LE11 to LE12 over the next 12 months.
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Re: Exchange Rate (2nd December 2013)

Post by A-Four »

So how do you Brian, see the Bank of Egypt being able to raise money on the international money markets,when those who invested last year now find they can not take out their 'gain' or their original deposit.
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Re: Exchange Rate (2nd December 2013)

Post by Brian Yare »

A-Four wrote:So how do you Brian, see the Bank of Egypt being able to raise money on the international money markets,when those who invested last year now find they can not take out their 'gain' or their original deposit.

With great difficulty!
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Re: Exchange Rate (2nd December 2013)

Post by A-Four »

It seems the Egyptian Government is making a last ditched effort to hold back a devaluation of the LE. The Central Bank of Egypt (CBE) has spent approx $20 Billion (half of all its reserves) holding up its currency since 2011.

On Monday the CBE will attempt to sell off a $1.2 Billion bond offer at a fixed one year $ return. As far as I can see, it looks a desperate measure. The Cairo black market rate stands at7.33LE to the $. All now rests on whether the Monday take up works or not,...........we shall see.
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