Wednesday, August 24, 2022

What will happen on 9/15 in Egypt for real?

What is going to happen next 9/15 in Egypt??

On Sunday, many people were surprised to find TV host and MP Youssef El-Hossainy warning Egyptians on Ch.1 of Egyptian State TV to sell their US dollars to banks and to buy Egyptian pounds by 9/15.

According to El-Hossainy who understands economics, Egypt will attract investments by then enough to make the price of the US dollar drop.

What El-Hossainy said found its way to Pro-regime news websites like Sada El-Balad and Facebook pages.

On Monday we found several Pro-regime Twitter accounts sharing or copying the same tweet over and over.

The same tweet was repeated 
over and over on Monday 

“A realistic truth, the Arab leaders and kings will all attend the inauguration of the Alamein city on 15 September along businessmen and investors under the auspices of President El-Sisi who will attend it and there will be mega investment projects announced there… those who have a US dollar hiding it, must bring it out and return it to the bank because its price will go down. long live Egypt”

First of all, what is a realistic truth!? What does this even mean!? Truth is a reality already !? I mean they made up this phrase. Alamein city here means the city of New Alamein.

Second, I hope that someone tells those people that the price of the US dollar won’t come down in this way.

Third, ironically on the same day, that tweet went viral whether, through support or sarcasm, President El-Sisi inaugurated Regal Heights Hotel in a massive fireworks celebration at New Alamein City with the attendance of the leaders of UAE, Bahrain, Jordan and Iraq.

It seems to me that they mixed up the dates and I do not think that the city nor the guests will come again in less than four weeks to see another inauguration but who knows.

Those claims come in less than a week after appointing a new Central Bank of Egypt (CBE) governor. Some say newly-appointed governor Hassan Abdallah “I am working on a post about him when that 9/15 mania appeared and I could not ignore it” would fix everything in those few weeks to the level of upvaluing the Egyptian pound.

In March, the Monetary Policy Committee “MPC” of CBE raised the key interest rates by 1% for the first time since 2017 and that led to the Egyptian pound plunging to its lowest value in five years against the US dollar.

The Egyptian pound is believed by experts abroad that should be depreciated more and that the International Monetary Fund “IMF” will ask the Egyptian government to devalue the pound among its demands so Egypt can get the new loan.

According to Prime Minister Mostafa Mabdouly, Egypt is in its final arrangement stage for the loan.

There is an expectation that the next devaluation of the Egyptian pound is actually sooner than we think we will have it after the upcoming of important meetings.

The US Federal Meeting and the MCP meeting are next. The US Federal Meeting is expected to raise the key interest rate.

The CBE’s MPC kept the current key interest rates unchanged in its meeting on Thursday to “achieve price stability over the medium-term”. The change is expected to happen after the meeting next month.

Is this an attempt by the state to collect the US dollars from the Market or rather the society!?

You must know that it is uneasy for real to get US dollars now in Egypt with the restrictions from the CBE. You can’t get a foreign currency from the Bank except if you have a working Visa and aeroplane ticket.

That 9/15 mania reminded many including myself of what was claimed in the media in 2016 right before the great devaluation of the Egyptian pound. It is a Déjà vu when media hosts like Ahmed Moussa screamed their lungs that Egyptians should sell their dollars to the banks because they will become worthless soon!!

We know how it went. That’s why we are all concerned.

Anyhow, let’s all pray it will be good on 9/15 in Egypt inshallah regardless of what will happen.


  1. Pray 9/15 Egypt is not like 9/11 USA

  2. The mighty Dollar rules supreme, like it or not.

  3. It sounds to me like a conspiracy theory going around and a mass of people believe in the rumors.

  4. This comment has been removed by the author.

  5. Yeah, like some moron, who was recently sacked from a top banking/finance position, who previously claimed that the USD will collapse to just 4 LE few years ago!! His wife was also the investment minister during the severe depcreciation of the EGP during that time.

    PS. I have just noticed that you are using American style date instead of the European format, 15/9, typically used in Egypt.

  6. I think the 15th was the deadline to agree on Egypt military aid by US congress. They ended up removing the block of 170 million USD because of the recent progress with people being released from jail.

    1. The fact is, it's 130 millions and NO USA didn't release the hold on that $$$'s
      I wish commentors doesn't shoot from the hip, verify what you think......facts and no opinion.


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