Letter from Cairo.

[A-Four]

There are truly some really bizarre things happening in the financial markets in Egypt, but one or two are really almost frightening. In all my contributions to this forum I have always given the good news and the bad, but these days things are really becoming strange. As I have written quite recently, I informed this forum that the government of Egypt has finally realised there is only so much you can take from the poor and then, without warning, the new tax can suddenly have the adverse effect, and actually produce less revenue than before.

There is a new method of how to raise new revenue to the government coffers. At the beginning of August there was an election to vote in the new Senate or Upper House of the Egyptian government (which in truth has less legal power that the British House of Lords). It has now been realised that only 14% of the electorate out of a total of 54,000,000 people bothered to vote.

The directors of the National Election Authoriy has strongly advised the government to enact Article 57 of Law 45/2014 which states that all who are registered MUST vote in elections. Those who do not comply with the law can be fined up to LE 500. Although this in itself can be seen as just a quite innocent warning, some who live in Egypt will know that between 6-9 September is the national election to the House of Representatives, this is similar to the House of Commons in the U.K. Those who do not make there mark on these dates might find themselves in for a rather unexpected financial shock.

P.S.- For those who think these are rather desperate measures to raise cash for the Egyptian exchequer, this is nothing, the upper and middle class in Egypt are about to suffer. Did I say inflation in Egypt is at only 6% ?,..........think again. I shall write more as and when I have time, though I am sure others on here are aware of even more bizarre new methods the Egyptian government will raise new taxes.

[newcastle]

I’m afraid the wily Egyptian is far too smart to fall for this old chestnut....which has been wheeled out regularly but never enacted.

Can you imagine prosecuting millions?? They’re having a laugh and everyone’s in on the joke.

Well...almost everyone