Mada FX

The article discusses the phenomenon of 'dollarization' in the Egyptian market, particularly within the steel and real estate sectors. It highlights how companies are increasingly conducting transactions in US dollars due to foreign currency shortages and fluctuating exchange rates, despite the illegality of such practices. The steel industry has seen significant shifts, with companies like Ezz Steel and Suez Steel demanding payments in dollars, often with verbal approval from government entities. This trend has led to increased prices for local products, as brokers and companies navigate the challenges of importing raw materials. The article also notes that the government is exploring ways to attract dollars, including amendments to laws that allow foreign ownership of land in exchange for dollars, raising concerns about national security.

The article discusses the phenomenon of 'dollarization' in the Egyptian market, particularly within the steel and real estate sectors. It highlights how companies are increasingly conducting transactions in US dollars due to foreign currency shortages and fluctuating exchange rates, despite the illegality of such practices. The steel industry has seen significant shifts, with companies like Ezz Steel and Suez Steel demanding payments in dollars, often with verbal approval from government entities. This trend has led to increased prices for local products, as brokers and companies navigate the challenges of importing raw materials. The article also notes that the government is exploring ways to attract dollars, including amendments to laws that allow foreign ownership of land in exchange for dollars, raising concerns about national security.