Egyptian pound no longer floating against U.S. dollar

Last activity 07 October 2017 by Peter-in-Alex

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sf_coolguyNew member24 April 2017 08:03:04

When Egypt decided to uncouple the Egy pound against U.S. dollar, did it make the wealthy more rich? The last time I was in Egypt the U.S. dollar bought around 6 l.e. now it's around 18 l.e. For a foreigner from U.S. this made an easy decision to visit Masr again for me. But for people living here, did their quality of life change? I know Egypt is still subsidizing food staples otherwise their would be unrest, but did it attract more tourists? And did it invite back Ex-Pat Egyptians to return back to Egypt? Just curious because I wouldn't mind retiring here and investing in an retirement flat in Alexandria. Just wanted to get other thoughts about the current economy and quality of life here.

unknownsaraActive member24 April 2017 19:37:45

I can only say that poverty line has been raised and that caused more business being closed specially small to medium ones
If you can manage your investment here in Alexandria that would be great but quality of life is not good

sf_coolguyNew member24 April 2017 20:26:24

I definitely notice people are happy. People used to be much friendlier but I don't see it. I was at Al Fishawy in Cairo Hussein and didn't see a lot of tourists. I would hope that Egypt can do more to boost the tourism industry. I read in the news, Sisi met with Trump at the White House, so money maybe coming to Masr.

Peter-in-AlexMember07 October 2017 21:32:00

If this offers any insight:

Many of my Uber drivers are former bank executives, teachers, engineers, shop owners, etc. In brief, from the professional class. They seem grateful to drive for Uber. If they're to be believed, several have told me they make from 350LE / day in off season up to 500LE / day in high tourist season. They say this is superior to the income from the jobs they left.

It's disheartening to learn, during my few weeks in Alexandria, that so many well-trained people are resigned to work as drivers.

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