# Egyptians buying U.S.D.



## hhaddad (Apr 14, 2010)

During the last 4 days the currency exchanges in Cairo and suburbs have seen a 70% increase in the sale of U.S. dollars thus forcing up the dollar value on the local market. The Egyptians are using the paper dollar as a safe haven for their savings.


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## PaulAshton (Nov 18, 2011)

Try Arab International Bank for best rates


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## hhaddad (Apr 14, 2010)

PaulAshton said:


> Try Arab International Bank for best rates


Not the best bank to quote they took one ATM withdrawal twice and resulted in Visa canceling my card. Cannot explain the consequencies in trying to get the money back nor to get my bank to issue a new card.l


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## firstfossil (Apr 16, 2011)

Analysis - Egypt unrest may hasten currency crisis | Reuters

And this confirms why.


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## PaulAshton (Nov 18, 2011)

firstfossil said:


> Analysis - Egypt unrest may hasten currency crisis | Reuters
> 
> And this confirms why.


See the Egypt State Information Service website for this article 

"Egypt should be able to make use of capital controls as a permanent tool in its policy toolbox, not merely as a temporary last resort"

http://www.sis.gov.eg/En/Story.aspx?sid=55381

In the UK capital controls existed until 1979

Let's hope the USA and UK cough up a few billion in aid to pave the way to democracy after all I paid UK taxes for years and had very little return


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## hhaddad (Apr 14, 2010)

PaulAshton said:


> See the Egypt State Information Service website for this article
> 
> "Egypt should be able to make use of capital controls as a permanent tool in its policy toolbox, not merely as a temporary last resort"
> 
> ...



And you think the taxes you paid are still there wake up their gone and if the UK cough up a few billion it's the poor blokes trying to make a living back in blighty will end up paying for it.


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## MaidenScotland (Jun 6, 2009)

PaulAshton said:


> See the Egypt State Information Service website for this article
> 
> "Egypt should be able to make use of capital controls as a permanent tool in its policy toolbox, not merely as a temporary last resort"
> 
> ...




I for one hope the USA and the UK dont cough up a few billion.. they have been pumping money into Egypt for years, Egypt has the money, heck they could use some of the millions that they found in Suzanne Mubaraks safe to start the ball rolling, failing that all the Mubarak and the rest of his cronies money should be used.
Perhaps that was part of the problem, the country was given aid when in didn't need it


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## PaulAshton (Nov 18, 2011)

MaidenScotland said:


> I for one hope the USA and the UK dont cough up a few billion.. they have been pumping money into Egypt for years, Egypt has the money, heck they could use some of the millions that they found in Suzanne Mubaraks safe to start the ball rolling, failing that all the Mubarak and the rest of his cronies money should be used.
> Perhaps that was part of the problem the country was given aid when in didn't need it


I actually agree with you and do a slight back turn

But then again I am also doing little clenched reindeer poops at the moment looking at my investments and business portfolio

As a poor immigrant there are no swans in Egypt for me to eat either, suppose nobody will bother if a few cats go missing :ranger:


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## hhaddad (Apr 14, 2010)

*Banks, money exchange services shutter up*

A number of banks and downtown foreign exchange service companies in Tahrir, Bab al-Luk squares and Mohamed Mahmoud Street, leading to the Interior Ministry, have closed their doors since early morning Tuesday in anticipation of looting and vandalism, banking sources said.

Some banks have shut their doors since Monday, after events escalated between protesters and security forces, the sources added.

Board of the National Bank for Development (NBD) has decided to close its branches in Omar Makram and Bab al-Luk and shortened working hours in the other branches to 1 pm, bank sources said.

The sources added that any branch will be closed immediately in case of riots or vandalism and managers have been given authority to act independently as the security situation develops.

The Bab al-Luk branch of the National Societe Generale Bank has been closed for fear of riots, a bank official said.

Money exchange companies have closed their doors in the same area.

“Around 40 companies downtown have decided to close their doors,” Mohamed El-Abyad, head of the Foreign Exchange Division said.

The dollar has gone up to LE 6.02, Tuesday, two piasters higher than it was on Monday, due to banks’ failure to provide dollars.

Banks raised signs saying “dollar unavailable until further notice.” The rise of the dollar against the Egyptian pound has affected its price against other currencies, Abyad said. The Euro went up 1.5 piasters to LE 8.1 for buying and LE 8.14 for selling, while the Saudi riyal went up.05 piasters to reach LE 1.
http://www.almasryalyoum.com/en/node/517522


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## hhaddad (Apr 14, 2010)

PaulAshton said:


> I actually agree with you and do a slight back turn
> 
> But then again I am also doing little clenched reindeer poops at the moment looking at my investments and business portfolio
> 
> As a poor immigrant there are no swans in Egypt for me to eat either, suppose nobody will bother if a few cats go missing :ranger:


Most of us have lost financially since 25 Jan but we don't ***** about it we are happy to put up with it whilst seeing a large nation such as this after 30 years of oppression trying to get itself some democracy. Myself normaly I would be living on my income from here but due to the tourist situation I am drawing from France.


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## MaidenScotland (Jun 6, 2009)

And aren't we lucky that we have money to draw on unlike the average Egyptian who is working for next to nothing and sees the same price rises as we do.


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## Cairo Cathy (Nov 19, 2011)

All that foreign aid was given under conditions. All that aid is not a charity. It comes with ties or not at all.

The gulf aid we are still waiting for still hasn't arrived as pledged because obviously our foreign policy is not matching exactly the Saudi/US policy to the letter. That was aid Beblawi was counting on to buy wheat and fuel and it still has not arrived. If it does not arrive and we do not agree to the terms and conditions we will have no wheat in 5 months for bread.


Most of the US aid went back to the USA. It's on condition. The condition is we buy the weapons from the USA factories so that aid we see is actually employment for Americans. It's having Hersheys and Kraft and Coke instead of European brands. We get to trade with the USA tax exempt IF we allow %%%%% of Israeli products. The ex regime had no problem following that but Egyptians never benefited except the rich who can afford KFC and Pizza Hut and City Stars malls. The poor got nothing.

Factories in Egypt have been offered many times to expand with US and UK aid on condition that they use 30-40% Israeli components as the deal.
The ones that do are the corrupt ones you see now. The smaller ones were left to rot because they refused to import Israeli components for assembly here in Egypt.


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## hhaddad (Apr 14, 2010)

MaidenScotland said:


> And aren't we lucky that we have money to draw on unlike the average Egyptian who is working for next to nothing and sees the same price rises as we do.


Tell that to the guy who got "scammed " with his water bill.


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## MaidenScotland (Jun 6, 2009)

hhaddad said:


> Tell that to the guy who got "scammed " with his water bill.




It was aimed at all people who have money that can be drawn on.


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## Whitedesert (Oct 9, 2011)

PaulAshton said:


> I actually agree with you and do a slight back turn
> 
> But then again I am also doing little clenched reindeer poops at the moment looking at my investments and business portfolio
> 
> As a poor immigrant there are no swans in Egypt for me to eat either, suppose nobody will bother if a few cats go missing :ranger:


Was going to say nothing, but then you said it yourself - the reindeer poops bit (I translate that to - have several investments in Sharm El Sheikh). I am not too sure what to make of you!!I also bought houses, but they are back in Cape Town, but the important bit - I actually do own them, no debate needed!


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## PaulAshton (Nov 18, 2011)

hhaddad said:


> Tell that to the guy who got "scammed " with his water bill.


Let me get it clear, I am NOT here in Egypt to support anyone and I WILL not pay more as a foreigner, I will pay Egyptian price and not a piastre more, it's purely the principle and I will shop around and get quotes, ask Egyptian friends for prices and drive the cost down to rock bottom, ultimately they know the profit margins

My records in my spread sheet indicate savings of:

1318.00 LE October
1281.25 September
1620.50 August

...and so on

Who wants to throw away about 18,000.00 LE per year? Multiple over that 10 years..


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## hhaddad (Apr 14, 2010)

If you get pleasure fom knocking your head against a brick wall it's your business and it's free.


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## hhaddad (Apr 14, 2010)

And by the way if your properties in Sharm are rented out don't forget you'll be liable to pay income tax here and all that's in Arabic and if you employ a lawyer or accountant you'll get ripped off . Also if you don't know if you are letting your flats empty or furnished to foreigners you have to register the contract filled in in English and Arabic with a copy of their passport and entry visa with the police and notify that they have left when the contact has ended.


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## PaulAshton (Nov 18, 2011)

hhaddad said:


> If you get pleasure fom knocking your head against a brick wall it's your business and it's free.


Simply put I am not here to subsidize anyone, if other people wish to pay double for things so be it, I am not here to scam anyone or disadvantage them but to pay a fair price 

Imagine the uproar if a water park in the UK told muslims they must pay more and UK residents get in 50LE cheaper per person

Such an Aqua Park exists here and it only transpire when my Egyptian friend came with us, we strictly refused to pay anymore than he did and it was a case of "take it or leave it"

150LE extra in my pocket..


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## hhaddad (Apr 14, 2010)

paulashton said:


> simply put i am not here to subsidize anyone, if other people wish to pay double for things so be it, i am not here to scam anyone or disadvantage them but to pay a fair price
> 
> imagine the uproar if a water park in the uk told muslims they must pay more and uk residents get in 50le cheaper per person
> 
> ...


 try that in luxor or aswan or even on the sleeper.


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## GM1 (Sep 30, 2008)

did you try that at the pyramids also? even my residence visa of 5 years didn't give me an Egyptian price. Next time I try a burka.


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## hhaddad (Apr 14, 2010)

GM1 said:


> did you try that at the pyramids also? even my residence visa of 5 years didn't give me an Egyptian price. Next time I try a burka.


Try a london taxi dressed as an arab suddenly the metres on night rate.


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## hhaddad (Apr 14, 2010)

Got a bus from hurghada to quena (highjet) my wife Egyptian pays 15 l.e. I pay 30 l.e. or she goes alone.


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## marenostrum (Feb 19, 2011)

hhaddad said:


> And by the way if your properties in Sharm are rented out don't forget you'll be liable to pay income tax here and all that's in Arabic and if you employ a lawyer or accountant you'll get ripped off . Also if you don't know if you are letting your flats empty or furnished to foreigners you have to register the contract filled in in English and Arabic with a copy of their passport and entry visa with the police and notify that they have left when the contact has ended.


I am dubious about the existence of this "portfolio".

On the one hand he worries about an israeli invasion of the Sinai yet on the other he tells us that he has properties he rents out there in the Sinai.

Surely that is a bad investment if one is concerned about the risk of military invasion in the area where your properties are situated?? Or Am I too 5risk adverse?

Also coming from the UK he would have been better of spending his 250k buying flats in the UK and renting them to East Europeans, 7% income and no Israel to invade London...

So either:

a) the portfolio does not exist 
b) the portfolio exists but the person has made a risky decision
c) the porfotlio exists only in his head


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## PaulAshton (Nov 18, 2011)

I cannot see the risk of property in the Sinai, Israel is a civilized nation and has one of the highest standards of living in the world but 20.5% of people there live below the poverty line I am sure they would allow foreigners to continue to live here or it would cause a diplomatic crisis

I do have property in the UK however the rentals do not provide what I deem as a good return on investment as I pay corporation tax on profits from letting and have people tell me they have all sorts of rights I will be happy when they are sold

Yes of course the portfolio exists in my head 

That's why I get out of bed when I want and do what I want 

I provided useful information here and it's a waste of keystrokes let other people find out for themselves


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## marenostrum (Feb 19, 2011)

PaulAshton said:


> Israel is a civilized nation I am sure they would allow foreigners to continue to live here or it would cause a diplomatic crisis


:confused2:

Since when has israel been bothered about causing a diplomatic crisis?

You are a keen gardener aren't you, what sort of mushroom are you on?


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## saafend (Dec 21, 2010)

PaulAshton said:


> Yes of course the portfolio exists in my head
> 
> That's why I get out of bed when I want and do what I want
> 
> I provided useful information here and it's a waste of keystrokes let other people find out for themselves


I believe you have a portfolio Paul, I just dont believe that you dont believe that you done your doe. However i do love optimistic people so im behind ya. WE BELIEVE


Saaf :clap2::clap2::clap2:


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## hhaddad (Apr 14, 2010)

PaulAshton said:


> I cannot see the risk of property in the Sinai, Israel is a civilized nation and has one of the highest standards of living in the world but 20.5% of people there live below the poverty line I am sure they would allow foreigners to continue to live here or it would cause a diplomatic crisis
> 
> I do have property in the UK however the rentals do not provide what I deem as a good return on investment as I pay corporation tax on profits from letting and have people tell me they have all sorts of rights I will be happy when they are sold
> 
> ...


Israel is a civilised nation since when?


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