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Overnight Egypt Tourism became a bargain and safe for visitors

Overnight Egypt Tourism became a bargain and safe for visitors

Egypt Tourism is on sale in a big way, and it started Thursday. eTN Publisher Juergen Steinmetz checked into the beautiful Ritz Carlton Hotel in Cairo on Wednesday and left on Friday and his hotel bill and the bill for all other guests just went down about 35% without notice.

This sale is ongoing for every single hotel, transportation company, entry fees and shopping when paying in Egyptian Pounds. Enjoy the Pyramids, the Luxor temple or the Egyptian Museum – all 35% off right now.

Egypt may not only be the largest open air museum, it may be the most incredible bargain for holiday maker and tourists since Thursday. To make it better, Egypt is safe again and one of the most welcoming tourism destination desperate for more visitors.



Egypt’s central bank floated the pound on Thursday in an attempt to stabilize its economy, which has been hampered by a shortage of dollars.

The currency was initially devalued by 32.3% to about 13 pounds per dollar, down from the previous peg of 8.8 per dollar, which had been in place since March. It has since tumbled further, and is now down by about 50%.

At the same time, the central bank also hiked rates by 300 basis points in an attempt to curtail the inflation that’s likely to follow the weaker exchange rate.

The devaluation of the pound was one of the key demands by the International Monetary Fund in order for Egypt to receive a loan of $12 billion over three years. The IMF has yet to officially ratify the loan, but it is seen as crucial in helping to stabilize the country’s economy.




Despite that short-term pain, the devaluation stands to help the country in the long-run and is likely a welcome sign for foreign investors.

 

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