What's happened to the LE

Get the best advice about your holiday in Luxor.

Moderators: DJKeefy, 4u Network

User avatar
Posts: 1008
Joined: Sat Jun 13, 2015 7:54 am
Location: New Waltham Lincolnshire
Has thanked: 251 times
Been thanked: 497 times
United Kingdom

What's happened to the LE

Post by 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.

Egyptian Pharaoh
Egyptian Pharaoh
Posts: 4102
Joined: Wed Jul 29, 2009 10:04 pm
Location: London
Has thanked: 1809 times
Been thanked: 1959 times
United Kingdom

Re: What's happened to the LE

Post by 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.
User avatar
Senior Member
Senior Member
Posts: 329
Joined: Sun Feb 20, 2005 12:50 pm
Location: Luxor
Has thanked: 13 times
Been thanked: 234 times

Re: What's happened to the LE

Post by Chris »

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

https://www.theguardian.com/global-deve ... to-poverty
User avatar
Top Member
Top Member
Posts: 739
Joined: Fri Nov 13, 2009 8:50 pm
Location: Luxor or Windy Nook UK
Has thanked: 1911 times
Been thanked: 420 times

Re: What's happened to the LE

Post by 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!
  • Similar Topics
    Last post
  • Whatever happened to what's her name ?
    by Who2 » » in Know Egypt
    17 Replies
    Last post by Who2
  • Any unusual events happened ?
    by Who2 » » in Myth, Magic and Spirituality
    5 Replies
    Last post by Bullet Magnet
  • What happened to this Italian student in Egypt?
    by crewmeal » » in News and Sport
    1 Replies
    Last post by LovelyLadyLux