before Ramadan, Egyptians try to forget the economic crisis

A few days before the start of Ramadan, on the night of Sunday March 10 to Monday March 11, it was time for the last purchases in the streets of Cairo. “Even though life is expensive, we try to give joy to families, says Saleh, a fabric seller in his thirties. We are also trying to lower prices.” Prices which have increased significantly in recent years in the North African country, which is facing a serious economic crisis.

The war between Israel and Hamas and that between Russia and Ukraine have seriously affected its three main sources of income: the Suez Canal, tourism and money sent by the diaspora. Recently re-elected, President al-Sissi reached an agreement with the United Arab Emirates to give some breathing space to his economy: by leasing land on the Mediterranean coast on a long-term basis, the country’s finances were bailed out by 35 billion of dollars.

More than half of the population below the poverty line

In two years, inflation has increased by 40% in Egypt and the country is lacking foreign currency. To compete with the black market, which at the end of February still represented double the value of the Egyptian pound, the Central Bank decided last week to float the rate of its currency. It lost a third of its value. “Of course everything is more expensive, it’s because of inflation. It’s all about the dollar.”testifies Moushira, resident of the Egyptian capital.

While looking for a traditional lamp, she has no intention of cutting back on expenses during the holy month. “When you are happy, you make sure you save money to buy as many things as possible for Ramadan, she elaborates. It’s really exciting. It’s the holy month and that makes us happy to buy as many things as possible.”