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| | Must Visits | Need to Know | Capital City Cairo | | Tipping 10-15% | | Electricity 220/240 V | | Weights and Measurements Metric system |
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Economy
The constitution of Egypt states that it is a socialist democratic republic. Indeed, the legacy of President Nasser’s regime was an economy dominated by state investment and a policy of domestic self-sufficiency, formulated in the heyday of the Non aligned Movement and the Soviet model. Despite significant early gains made by the Nasser administration in securing developmental goals, Egypt’s wars with Israel cost her dearly.
As it happened all over the world, the eighties and nineties saw the discrediting of socialist projects in the third world. Egypt too came under increasing international pressure to reform its economy and undertake ‘structural adjustment’. Since 1996, economic reforms have proceeded at a fairly rapid pace, to the delight of international investors, the IMF and the World Bank. The economy has grown with the expansion of tourism, the oil industry and the opening of the Suez canal. Agriculture forms the mainstay and provides employment for over one third of its population.
Annual growth is currently 7% although inflation had crept back to a staggering 18% in the past few years. Unemployment rate went down and at last count stood at 8.7% in 2008.
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Currency
The Egyptian currency is the Egyptian pound. (guinay in Arabic). A pound is equal to 100 piastres (irsh or girsh in Arabic) or 1000 millims.
Egypt is a relatively expensive country to visit if one takes into account the entrance fees for all the monuments, museums and archeological sites. The other reason people visit Egypt is the diving off the Red Sea coast, and a single dive can cost as much as US$60. However, one can easily find cheap food and accommodation, so these costs may help balance out the other expenses. The longer one stays in the country, the lower the relative costs. It is definitely worth your time talking to the locals about the relative merits of sights—some much-hyped tourist sites are actually damp squibs, while there are absolute treasures tucked away that may cost you a fraction of the normal cost.
Major international hotels have ATMs that dispense cash to cardholders. Banking hours are usually 8.30 am to 4 pm, with Fridays and Saturdays off.
It is easy to change most foreign currencies in Cairo—there are several international and local foreign exchange bureaus, apart from the numerous commercial banks. The money changing booths (also called forex bureaus) at the international airport are open 24 hours a day, as are the branches at many international hotels. The black market is negligible.
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Business Guide
Business hours are usually from 8 am to 3 pm, although shops remain open till late—8 or 9 pm. Fridays and Saturdays constitute the weekend, and sometimes Sundays are off too. During Ramadan (the month of fasting, usually in November and December), hours are from 10 am to 1 pm.
Egyptians are quite conservative in behaviour and dress. There is no concept of Friday dressing. The dress code is formal for meetings and evenings out.
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