Some tax withholding practices were also modified, he added, reducing the money he can keep available. While he understands the federal government is aiming to extend revenue, he said the approach could deter entrepreneurship.
“It’s suffocating small businesses,” he said.
Gamal Osman, 59, a warehouse employee in Tanta, a city about two hours north of Cairo, said he was also paying more in fees for basic services, like renewing his identification card. He said that he had in the reduction of to eating meat just once every two weeks and that, still, he couldn’t lower your expenses like he used to.
“You’ll be able to feel it in every thing you do,” he said. “From the moment you step onto the road until the moment you fall asleep.”
Still, others see opportunity within the hardship.
Mohamed Ehab is a marketing director for an auto company that introduced Jetour, a Chinese brand, into the Egyptian market in 2020. Sales were booming last 12 months, but the brand new import rules have snarled the business.
The corporate stopped accepting orders months ago and is specializing in expanding service centers.
Mr. Ehab said that there was still demand for a practical family automotive, even after prices shot up with the devaluation. The corporate’s lowest-priced automotive went as much as $26,000 from about $18,000, largely since the importers must pay China in dollars.
But he’s hopeful that the impasse will spur the federal government to supply incentives for auto corporations to assemble their products inside Egypt, which could generate jobs and make cars cheaper.