Egypt devalues its currency

[crewmeal]

Mentioned on Trip Advisor the Egyptian pound has been devalued. So I guess we will see higher prices for everything from holidays, airfares to food.

https://www.reuters.com/world/africa/eg ... 022-03-21/

[Teddyboy]

I vividly remember Mike Yarwood doing the pipe-smoking Harold Wilson, "This will not effect the pound in your pocket."
I think Yarwood would have made a better Prime Minister, he was certainly more believable, lol.

[newcastle]

Mentioned on Trip Advisor the Egyptian pound has been devalued. So I guess we will see higher prices for everything from holidays, airfares to food.

https://www.reuters.com/world/africa/eg ... 022-03-21/

Devaluations of the EGP are usually good news for us Brits….our GBP will go much further.

I doubt there’ll be any change in airfares or hotel deals.

If buying tacky souk souvenirs is your thing…I don’t anticipate much change there. You’ll get more garbage for your GBP. Prices for entering monuments has been expressed in dollars for aeons. Likewise, hotel based package tours are usually set in dollars.

For those resident here, and relying on locally bought food etc, there will be a rise in EGP terms.. but the equivalent GBP cost will remain much the same.

[crewmeal]

If buying tacky souk souvenirs is your thing

No thank you. I have enough camels walking around my bookcase

[A-Four]

Initially when I first saw this 15% devaluation I was a little suprised, then I realised its pay up time on bond interest for all those wealthy Egyptian ex-pats investers who had plaughed billions of $'s in the so called Suez Canal improvement project.

Last year interest rates on the bonds was raised to 15% so as to prevent panic selling of the $7 Billion bonds, so not only have the investers lost their interest payment, but also the actual bond has been devalued by 15%,....what a smart move by the Bank of Egypt,.......I wonder if they had a call from Sisi just be for they announced the devaluation ?