A shock to the nineties generation in Egypt… Childhood allowances are sold hundreds of times over

In what is considered a shock to the nineties generation in Egypt, banknotes and coins of small denominations are being sold at multiples of their original price in souvenir shops in Hurghada, Red Sea Governorate.

A quarter of a pound, five piasters, and ten piasters, which were the daily school fees for children from the eighties and nineties, are now sold in plastic bags for amounts ranging between 65 and 70 pounds.

It did not occur to the children of this generation to treat their daily expenses as an old currency that was sold hundreds of times higher than its value while they were still alive.

It is noteworthy that the Egyptian pound recorded an unprecedented decline once morest the dollar during the past few days, and with the rise in the price of the dollar to 30 Egyptian pounds, the pound has lost regarding half of its value since last March, when the Central Bank of Egypt announced a more flexible policy in the exchange market, while the price of The dollar exchange rate is less than 16 Egyptian pounds.