Egypt's Currency Crisis, Explained
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- čas přidán 2. 06. 2024
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Less people want to visit Egypt due to the endless hassling and annoyance from scammers near the pyramids and sellers of crappy trinkets who don’t understand NO
Sadly true, I am egyptian and I don't go because of this
I'm planning to visit Egypt in July. But with the black market exchange rate and the scams, I'm a bit skeptical to be honest
@@Kylelongwest it is not a no go, but the scammers are just annoying. Just be careful and I think you will still have a nice time. For the balck market, it is just for currency exchange, and right now the difference with the official rates at the banks is almost negligible, so that would not stop me either.
@@Kylelongwest Right now there is no black market because it is the same exchange rate, amd about Scummers, u will find them in Cairo but I recommend u go to Sahel or Sharm It is amazing right now
I can verify this is true. I enjoy Egypt a lot but it’s quite stressful as a tourist!
Egypt's tourism is suffering from social media - anyone who goes there talks about how badly they get harassed. If egypt wants tourist money, then it needs to improve its reputation.
No offense but I can corroborate. Some were actually nice but alot of people were very aggressive with tourists like forcing to buy. My mom wants to avoid the region as a while just because of Egyptian.
I went to Egypt in the end of December 2023 and it was like hell. Most of people treated us like walking atm. Even security staff in Cairo airport asking money to us saying: “money…money…this is x-ray business class, Ive helped you moved your luggage” LOL
Great, another cheap place where I can buy my YT, Spotify subscriptions.
Check out Nigeria, probably the cheapest prices.
how ? where to buy subscriptions from other countries ?
@@algeriableentertainment5178 cough cough VPN cough
why not just move and live there? that's what i've done. permanently moved to nigeria.
@@JingJaoHow is life in nigeria? Is it stressful? Do people treat you kindly?
Do Nigeria next.... Our currency is dead
Nigeria&Egypt need a emergency birth control to reduce extremely high population growth kenya/Ghana/Botswana done it
Nigeria is the African powerhouse, strongest army and leader of Africa . What are you talking about
Will look into it
According to the 2024 IMF data, Egypt ($347.5 billion) has the 2nd highest nominal GDP in Africa, just behind South Africa but above Nigeria ($252.7 billion). How is that possible?
@@artman12currency depreciations ☺️☺️
Sonny’s experience on his Best ever food review channel explained the problems of Egyptian tourism better than anyone and he has 10 million subscribers. He will never go back and he has a lot of subscribers who won’t even step foot in that country because of his experience. I’m one of them.
That reddit thread and that food youtuber probably caused more damage to Egypt's tourism than any war.
I was thinking the same thing.. some investment into PR and improving the problems like scammers and annoying policies would do more than any billions they try to spend in order to increase tourism
They also imposed visa requirements for Canadian citizens recently. But why only to Canadians but not to Americans, Australians, the Brits or Europeans?
@@artman12You said "recently". Then maybe in the future it would be applied to other countries. I hope so.
The water flowing in Nile belongs to Ethiopia, not some Egypt.
Bangladesh is kinda in the same route. Please do one on Bangladesh.
Great effort and very well explanation..it is my first time watching your channel and I really enjoyed this video 👌
"Former CNBC Journalist, now Digital Nomad. I tell stories about money and economics." now I understand why your commentary and explanation is so good
Make video about Norwegian currency also! It lost its value over 50% as well
Imagine if Mansa Musa showed up in Egypt again today with caravans of pure gold
Egypt’s export-import balance isn’t so bad. The government’s strategy has been to sell state assets and use the funds to secure more loans to build the country.
What is the problem? No regional stability and heavily depended on foreign exports. What does Egypt need to do? We need innovative solutions, the 'for greater good' approach in all aspects, trust, faith, and patience.
Egypt has a growing population and thus has more import needs. Now is the time to allow investment in the country
tbf, 42% in debt is on par with 19th century Egypt, when the country was lost to the British due to a default.
Hi, do you have a source about this ? It would help me alot.
Wait debt is only 42% gdp
yeah when he said that i had a double take.
I guess when you have to take debt out in foreign currency it's high
Sloppy reporting.
exactly, it’s not debt their problem but gaza war so tourism is low
Debt is 89% of GDP. Not sure where 42% came from
@@lastsovietspyThat’s the problem. Egypt relied on tourism alone for too long. Under Mubarak, Egypt has stable growth because they just relied on military aid and tourism revenues to bring income in and lower government spending. But with the population increasing, the expenditures of the state also grew and thus the economy requires growth to check the debt of the nation.
Rich Arab countries will save them and extend more help
Nope
@@MM-zo7qThey already are. Saudis and Emiratis are diversifying and are investing in Egypt heavily.
Wow. A corrupt theocracy is having currency problems. Who would have though?
This is why you don't become the world largest wheat importer and you don't rely on food from 2 countries that are too busy killing each other
The immensely high population growth in the entirety of Africa (Both North Africa and Sub-Saharan Africa) needs to be curtailed by any means necessary.
Which North African countries do have high population growth?
Egypt needs young men like u sir, bravely tell the truth 👍
He is not from Egypt.
Do one for Bangladesh
It's a failed country
According to the 2024 IMF data, Egypt ($347.5 billion) has the 2nd highest nominal GDP in Africa, just behind South Africa but above Nigeria ($252.7 billion). How is that possible?
You’re talking about a 42% debt to GDP ratio like it’s a bad thing lol. That’s 1/3 that of the United States.
Gas in Egypt costs $1 a gallon
IMF and WB............. even a kid will tell you not to take their shady deals
Just use us dollars
42% debt to gdp ratio is high? have you checked the debt to gdp ratio of the us?
US is highly developed industrial nation. (At least for now) Egypt is not. Debt for US and debt for Egypt is a completely different reality.
Egypt has no choice but to raise interest rates.
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uptin i've been a fan since your news days and loved your new channel with travel format but the new video style seems so rushed, gimmicky, adhd-triggering, and anxiety-inducing with the music
How do you say “ Seriously No” in their language.
Laaa
Hello my friend!
If Egypt wants to survive, it needs to develop heavy industry on a massive scale. 107+ million people living in such a useless land, need to be creative, or else face famines. Simple and brutal truth.
It’s not useless. Egypt is essentially self-sufficient in food, liquified natural gas, and has a huge labor force. Not to mention, Egypt will always be a major tourist destination. Lastly, Egypt has the Suez Canal which is substantial for trade between Europe and Asia
The issue is that Egypt has been largely a socialist economy for a long time that depended on US military aid and tourism revenues alone to keep their currency in check. That incentivized the government not to invest in other industries.
IMF = Global Loan Shark, lol
Bitcoin is hope. Study Bitcoin.
Ofcourse...howbcan it prosper when they keep disrespecting the tombs and claiming the history. They will not prosper
👍👍
Usually debts are given at an 10 years periods. When coup happened dictatorship were given 10 years long debts now they have to pay them back. Kings of arabia should help them otherwise Egypt will have a republican revolution again which may threaten the heads of kings (literally)
first
Let's declare a National Holiday tomorrow for your first comment🤣🤣
Please do a video on why India will never be a developed country.
lmao. Its simply because INDIA isn't a homogenous nation, too diverse, which unfortunately is tough for democracy to be whipped into shape. China, Japan, Korea were all managed to upgrade because they are homogenous nation. Its as simple as that. But the good thing is, there's only upside to this, INDIA will be a value stock sorta nation where there's continued progress although at slower pace. In this century it will be USA, CHINA and INDIA competing for everything.
In Recent times I'm noticing something is that every Muslim ☪️ country is failing and becoming more poor and suffering from economic crises isn't that weird 😂
that's not true . there are a lot of prosperous rich muslim countries from south east asia to gulf countries to adrbejan to brunei to many others . some countries in the middle east are not stable economically or politically since forever . i could count you dozens of poor failing christian countries in africa or americas although their failure have nothing to do with countries' religion.
you're indian i guess so you probably have worked or your siblings or one of your family relatives in a muslim country before
@@algeriableentertainment5178 yes brother I'm Indian 🇮🇳 the fact is other Muslim countries like UAE, Saudi Arabia, Indonesia, Qatar are rich just because these countries are secular and they don't force their islamic ideologies on you and their economy is heavily dependent on Tourism and Oil that's it Once it is finished the game is over and other Muslim countries like Bangladesh, Pakistan, Egypt, Iran, Iraq, Afganistan, Jordan, Syria, Turkey and some African Muslim countries etc. are suffering from economic crises or instability because of their radical islamic ideology and that's a fact if you don't believe me you can do research or read case studies about these countries economic failure
@@mufasa0Saudi Arabia is secular and don’t force religion? 😂😂
Gulf countries, Malaysia, Brunei, Azerbaidjan and Indonesia (the later one feels more "Islamic" than Arab countries) are doing relatively well. Senegal and Bangladesh economies are growing. Maghreb isn't getting poorer (but not richer either).
THAT WHAT HAPPEN WHEN YOU LIVE ON STOLEN LAND
I was upset because I wanted to buy their 18k Egyptian gold scarab pendant but they took so long to make it. I was staying at the hotel and I wanted to buy it but it was never finished so I declined the transaction. It took so long to make! The tourism in Jordan is nicer and friendly to LGBT tourists.
Egypt is a poor country... People are horrible too