{"id":610039,"date":"2023-11-14T00:00:00","date_gmt":"2023-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amr-adib-takes-aim-at-the-egp-and-sugar-price-hikes\/"},"modified":"2023-11-14T00:00:00","modified_gmt":"2023-11-14T00:00:00","slug":"amr-adib-takes-aim-at-the-egp-and-sugar-price-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amr-adib-takes-aim-at-the-egp-and-sugar-price-hikes\/","title":{"rendered":"Amr Adib takes aim at the EGP and sugar price hikes"},"content":{"rendered":"

Amr Adib broke ranks last night from most of his fellow hosts last night<\/strong> who were fixated on the war on Gaza, by shifting his attention to the EGP exchange rate on the parallel market and rising sugar and cigarette prices. <\/p>\n

The EGP\u2019s fall in the parallel market has left Adib perplexed:<\/strong> The currency has been stuck at near EGP 50 in the parallel market for the past two weeks, El Heyaka\u2019s Amr Adib said (watch, runtime: 2:43<\/a>) before bringing on economist Samir Sabri to weigh in on the issue (watch, runtime: 11:13<\/a>). \u201cThis is not the real or fair value of the EGP \u2026 No country can have a sustainable economy with such a huge gap between the official and parallel market exchange rate [for the USD]. The gap is so big that it makes it difficult to estimate the cost of projects or investments or attract foreign investors,\u201d said Sabri, who is also a member of the National Dialogue\u2019s investment committee.<\/p>\n

Blame consumer worries, they said: <\/strong>\u201cOver the past two weeks, the panic over the collapse of the EGP against the USD increased \u2026 The war near our borders, the major drop in remittances from Egyptians abroad, and the dip in tourism has increased the amount of currency speculation,\u201d Sabri told Adib. Most analysts had suggested a fair value for the EGP was something on the order of 36 to the greenback at the end of 2023 and 38-39 by the end of 2024, Sabri added.<\/p>\n

What\u2019s the parallel market price? One greenback is going for EGP 48.68<\/strong>, to hear Adib tell it, though pricing and availability vary widely in the parallel market, where liquidity and pricing are opaque by definition.<\/p>\n

Also stressing out Adib: Sugar prices<\/strong>, which jumped from their usual EGP 27-30 per kilo to EGP 34-40. The entire world is battling heightened inflation, but commodity prices never see such dramatic jumps, Adib said (watch, runtime: 5:21<\/a>). \u201cTraders are taking advantage of the war on Gaza and [sugar being sent to Gaza as] Egyptian aid to hike up prices,\u201d he added, calling on traders to take it easy on already cash-strapped consumers. <\/p>\n

What\u2019s behind the rise? <\/strong>\u201cWe are nearing the end of the sugar beet and sugar cane agricultural cycle. We are also nearing Ramadan, which pushes food producers and traders to up their sugar reserves, increasing the demand on sugar,\u201d Assistant Supply Minister Ibrahim Ashmawy told Ala Maso\u2019uleety\u2019s Ahmed Moussa (watch, runtime: 6:33<\/a>). \u201cWe are a free market and obliging traders to respect a certain price is against the constitution.\u201d <\/p>\n

Cigarette prices were also driving Adib nuts: <\/strong>State-owned tobacco giant Eastern Company last week hiked<\/a> prices between 12-33%, which in turn increased the prices cigarettes are going for in the black market even further, with some brands going for as high as EGP 125 per pack, Adib said (watch, runtime: 1:56<\/a>). \u201cYou can\u2019t ask people to quit smoking,\u201d<\/strong> Adib told his viewers and argued that the price hikes will not prevent people from smoking.<\/p>\n

Live from Rafah: <\/strong>Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 6:59<\/a> | 2:47<\/a>) left her studio last night and visited the Rafah border to bring us the latest developments on wounded Gazans receiving treatment at the Arish hospital and the latest on aid convoys going into the besieged territory. <\/p>\n

Wall-to-wall Gaza coverage dominated most of yesterday\u2019s talk shows:<\/strong>Masa\u2019a DMC interviewed former Egyptian diplomat Gamal Bayoumi (watch, runtime: 6:01<\/a>) to discuss all that Egypt has done for the Palestinian cause, while Al Hayah Al Youm spoke to the head of central administration of the North Sinai Governorate on all things Gaza aid (watch, runtime: 7:52<\/a>). While Ala Maso\u2019uleety spoke to Arab League spokesperson Gamal Roshdy to reiterate the Arab stance on the issue (watch, runtime: 18:39<\/a>). <\/p>\n

COMING SOON TO A TV NEAR YOU- Get ready to tune in for another one-on-one with Satterfield: <\/strong>Yahduth Fi Masr\u2019s Sherif Amer sat down (watch, runtime: 0:50<\/a>) with the Biden administration\u2019s Middle East humanitarian envoy David Satterfield for an interview that will be aired tonight on MBC Masr. In case you missed it, El Hadidi hosted Satterfield<\/a> earlier this week for an interview where he came off as a tad unsympathetic for a humanitarian envoy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP fell even further against the USD in the parallel market to a record low<\/p>\n","protected":false},"author":1,"featured_media":610040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7232],"tags":[317,104,72,1666,166,106,6984,7401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-nights-talk-shows","tag-commodities","tag-economy","tag-enterpriseam","tag-exchange-rate","tag-israel-palestine-conflict","tag-last-nights-talk-shows","tag-middle-east-politics","tag-tobacco","wpautop","entry"],"acf":{"mongo_id":"6da4dc35-19da-4c26-9904-7367eba665ec","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/700.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian news host Amr Adib takes aim at the EGP and sugar price hikes","related_issue":[610017],"teaser":"The EGP fell even further against the USD in the parallel market to a record low","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.c9ea50c5-a260-442f-9027-028250b8902d.mp3"},"yoast_head":"\nAmr Adib takes aim at the EGP and sugar price hikes - 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The presidential election and the surging price of sugar also got attention. Zaki emphasized the importance of\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651595,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/16\/al-banna-makes-the-rounds-to-address-corruption-allegations-amr-adib-pours-his-heart-out-after-messi-shattered-it-to-a-mn-pieces\/","url_meta":{"origin":610039,"position":4},"title":"Al Banna makes the rounds to address corruption allegations; Amr Adib pours his heart out after Messi shattered it to a mn pieces","author":"enterpriseam admin","date":"16 February 2017","format":false,"excerpt":"Newly appointed Agriculture Minister Abdel Moneim Al Banna took to the airwaves (and newspapers) last night to address concerns over allegations of corruption that have plagued him since his appointment was first rumored early this week. Naturally, the first place to defend one\u2019s reputation is on the fact of the\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639266,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/25\/tax-the-rich-says-amr-adib\/","url_meta":{"origin":610039,"position":5},"title":"Tax the rich, says Amr Adib","author":"enterpriseam admin","date":"25 October 2017","format":false,"excerpt":"Our daily roundup of Last Night\u2019s Talk Shows is on hiatus for the rest of the week, but will return on Sunday, 29 October.One thing we could not miss out on sharing with you all: On last night\u2019s Kol Youm, Amr Adib\u2019s suggested imposing a tax on anyone earning more\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610039"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610039\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610040"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610039"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610039"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}