Is Egypt the ‘new Lebanon?’ – DW – 01/20/2023

As the value of the Egyptian pound plummets, grocery shopping has changed for many middle-class Egyptians, becoming a strict exercise in currency control.

“Instead of buying three kilograms of rice when we go shopping, we just buy a kilo or a half kilo,” explained Ahmed Hassan, 40, an accountant and father-of-three from the Shoubra neighborhood in Cairo. “We’re trying to reduce our expenditures. Unfortunately we can’t limit everything because our children need certain things,” he told DW.

Egypt’s currency has devalued by around one-third since late October and inflation currently stands at over 20%. Some economists suspect it’s even worse than that. They put the unofficial rate — which includes Egypt’s huge informal economy — as high as 101%.

Food prices doubled,…

Read the Full Article Here DW

Written by Bourbiza Mohamed

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