# Money question



## CatMandoo (Dec 16, 2011)

Yesterday I was reading about how the Egyptian pound is going to seriously devalue soon. So, if I exchanged my LE I have in savings account and bought USD's and held them for a while, would I actually make any money when converting them back to LE? Or is it just better to leave the savings account alone?


----------



## canuck2010 (Jan 13, 2010)

Well, you may not make money, but you wouldn't lose money either. It doesn't look like they'll be able to keep the pound pinned to the USD for much longer, it will have to be devalued. Best bet is to stay in USD.


----------



## CatMandoo (Dec 16, 2011)

canuck2010 said:


> Best bet is to stay in USD.


Thanks for the advice Canuck. I wish I would have thought of this earlier, I just opened a new account at a new bank. I wish I done it in USD now, instead of LE. It took me forever to do it, language barrier, etc.


----------



## hhaddad (Apr 14, 2010)

CatMandoo said:


> Thanks for the advice Canuck. I wish I would have thought of this earlier, I just opened a new account at a new bank. I wish I done it in USD now, instead of LE. It took me forever to do it, language barrier, etc.


It is always better to keep your savings in either dollar or stirling. The dollar is best as the l.e. is linked where as sterling is more volatile but remains pretty strong. Those of you with Euro accounts here should think twice before making any moves although at the time Iwrite this the Euro is a little better on the local market.


----------



## Whitedesert (Oct 9, 2011)

I think it depends on the amounts involved, and in which currency the money is earned. If it is in dollars, keep it in dollars. You can withdraw in EGP at any ATM, when you need EGP. The reverse is more difficult. If earned in EGP, and it is not over say 60,000EGP cashflow per month, keep in EGP, if over 100,000 then try to buy dollars/Pound Sterling, but difficult to do for private citizens in Egypt, the CBE controls that fairly strictly. Can be done, but amounts are restricted, and paperwork needs to be done.


----------

