Egyptians Wait for Deals as Devaluation Causes Surprise Price Crashes
Big-ticket items like cars and furniture have been getting cheaper since the Egyptian pound was devalued — and that flies in the face of most economic theory.
Big-ticket items such as cars have been getting cheaper since Egypt’s pound was devalued.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Under Cairo’s baking summer sun, a forecourt of heavily discounted new Toyotas showcases a surprising side-effect of March’s dramatic currency devaluation: prices for big-ticket items are tumbling.
They’ve fallen so much, in fact, that would-be buyers of everything from sofas to refrigerators and automobiles are holding off, convinced they can wait for a better deal. Almost no one is splashing out — and that’s an issue Egypt’s consumer-led economy needs to overcome.