Some tax deduction methods have also been changed, he added, reducing the amount of cash he can keep on hand. While he understands that the government is aiming to increase revenue, he said this approach can discourage entrepreneurship.
“It’s the stuff of small businesses,” he said.
Gamal Osman, 59, a warehouse worker in Tanta, a city about a two-hour drive north of Cairo, said he is also paying more for basic services, like renewing an apartment card. fee. He says he has cut back on eating meat to just once every two weeks and that, he still can’t save as much money as he used to.
“You can feel it in everything you do,” he said. “From the moment you step out into the street until you go to bed.”
However, others see opportunity in difficulty.
Mohamed Ehab is the marketing director of an auto company that introduced Jetour, a Chinese brand, into the Egyptian market in 2020. Sales have boomed last year, but import regulations It made doing business difficult.
The company stopped taking orders months ago and is focusing on expanding service centers.
Mr Ehab says there is still demand for an actual family car, even after prices skyrocket due to the devaluation. The company’s lowest-priced car jumped to $26,000 from about $18,000, largely because importers had to pay China in dollars.
However, he hopes that the stalemate will prompt the government to encourage auto companies to assemble their products inside Egypt, which could create jobs and make cars affordable. than.