What's happened to the LE

[crewmeal]

I can hardly believe my eyes, looking at the exchange rate £1 = 39.06LE!!! Whats going on? Will the locals be charging more for their services? It must be a good time to holiday in Egypt.

[A-Four]

The world is entering a very difficult period, some say it could be similar to the financial crisis of 2008, though I'm not so sure, but many of the small provincial banks in the U.S.A. will continue to go bust as soon as the fed increase rates there later this week. The BofE I expect will also increase rates by 0.25 on Thursday.

Some may remember at the end of last year, I suggested that anyone living in Egypt should exchange any spare LE money and buy gold, had they done so that investment would now be worth almost 50% more in just over four months, compare that with the annual LE bank bond market. This is the reason the LE is in such a dreadful state.

Earlier this week we learnt that the Egyptian government has limited the amount of gold allowed to enter the country,.......BIG mistake,.......expect 50LE to £ soon. How the poor, and very people of Egypt are coping with this is impossible to imagine.

[Chris]

This article from today's Guardian throws some light on the economic woes of Egypt:

https://www.theguardian.com/global-deve ... to-poverty

[Teddyboy]

"How the poor, and very people of Egypt are coping with this is impossible to imagine."

Same here! I'm genuinely fearful for some of my financially disadvantaged friends in Luxor. Whilst I do try to help one or two, I'm finding it more difficult to do so in these straightened times. My own pension in
come is not rising to be anywhere near even the minimum wage!