Luxor4u

There are , of course, many more than 94 forex bureaux, in Egypt. 94 refers to those 'licensed'.

Apart from unlicensed outlets, hotels, shops etc, will change currency...as will individuals. There is always a lively "market" conducted on social media forums with people selling $100-$500 at, currently, around 11.5-12.

The corresponding 'black market rate' for GBP is 14.5-15 and the difference will always be there, simply because of the worldwide exchange rate difference between $ and GBP.

It is quite impossible for the Egyptian government to eliminate the 'black market' while the economy is under pressure and the EGP remains 'weak'.

I don't use Banks for exchange, in fact for over two years now I have not had an Egyptian Bank Account, they are useless unless you have a Resident Visa. For those with just Tourist Visa's they are just a medium for putting money in and taking it out, and they normally charge you for this service.

A-Four wrote:

Dusak wrote: I think that anyone would be well and truly stuffed if they had large amounts of Stirling here and wanted to move it oversees. A friend attempted to do this last year but had to abort their plans due to the banks refusal, but they could of done it little by little but this would of taken at least three years.

Hold on there Dusak, there are certain avenues still available when we are looking at big money. Do you think for one moment that when the Asian people got kicked out of Uganda, the smart money remained there,........I think, sorry, I know it did not.

I explained this proceedure to Halfiz on page 1 of this thread some time back on how it was done.
viewtopic.php?f=2&t=37443&p=432364#p432364

Today the headline inflation figure was announced being 14.8%, month on month, and almost double what it was one year ago. The brunt of the increases were caused by a rise of 19% on food and a staggering 32% on health care.

If the above was not enough, the subsidies given on domestic electricity usage are to be dramatically reduce, though as I expected, those who will use the least, namely the poor, will discover they will pay almost DOUBLE.

More than 40% of the population of Egypt live below the poverty line.

Cannot even start to imagine the problems that lay ahead financially A4. With no proper personal taxation system the people will really suffer, and so will the foreigners living here, pound for pound it will soon be cheaper to live in the UK.

Major Thom wrote:Cannot even start to imagine the problems that lay ahead financially A4. With no proper personal taxation system the people will really suffer, and so will the foreigners living here, pound for pound it will soon be cheaper to live in the UK.

Still in laa-laa land I see, MT!

Unless you mean , by pound for pound, EGP for GBP....ignoring its 14:1 ratio.

WELL, it seems the IMF have packed their bags very quickly today and cleared off, having come to a 'staff-level agreement'. This term is a sort of secret code often used by the IMF, especially when dealing with obstinate countries, who do not realise how serious their situation is.

What this really means is simple, this, this and this must be implemented NOW, before the cash is released, put everything in place,..........and YES, we will give you a $12 Billion loan payed over the next three years,........... It appears Egypt is dithering yet again.

It is only when this agreement is signed will it be possible for Egypt to seek further loans from such as the World Bank and other reputable institutions, rather than the loan sharks they have been dealing with in the past and up until now.

Just come through on the wire.......

Chris Jarvis, (head of Mission to Cairo) I.M.F.,........'It would be helpful for Egypt's bilateral partners to step forward at this critical time'. Quote.

OUCH ! ...........The big circus pulls out anyhow, drinks all round on the flight home to reality. .

Shows how financially aware some are A4 a few on this site too, but not many. They do not seem to realise how bleak the situation is becoming.

If the IMF approves the $12 billion package it will obviously encourage Egypt's bilateral trading partners (there's well over 100 such agreements) but the goodwill alone of these partners will not be sufficient. Egypt itself will also have to rectify two crucial impediments :

1. Its historic distrust/suspicion of "foreigners".....and consequent reluctance to put them on an equal footing with indigenous business.

2. The chronic bureaucracy and rickety legal framework that bedevils anyone seeking to do business with Egypt.