2024-03-04 21:49:43
The story of the black market…and how did you get so miserable? What measures did the Central Bank take that succeeded in ruining the largest plan to bring Egypt to its knees? Who are the groups, agencies and organizations that do not want Egypt’s economy to rise again?
In recent months, Egypt has witnessed a major war by the government on the black market in currency trade, especially the dollar. Thanks to the signing of the Ras al-Hikma deal, it was estimated to deal a major blow to it, and the selling price of the dollar on the black market is almost parallel to the official price of the dollar in national banks. Especially since the government knows that eliminating the black market will not end unless the dollar is available and available in banks, and therefore there will be a need for people to buy dollars from abroad.
Ok, when did the black market begin to appear in currency trade in Egypt?
Egypt’s history of trading in foreign currencies extends over a long time, and it began to appear in a large way and be present on the scene after the setback of 1967 and then the War of Attrition until the October War of 1973. During this period, Egypt suffered from a real scarcity of the dollar due to the lack of hard currency resources, whether tourism or Suez Canal revenues. Traffic through it was closed due to war conditions, and the situation remained as it was until President Anwar Sadat announced in his historic speech on June 5, 1975, the reopening of the canal for global navigation.
Since then, Egypt has begun to rely on the revenues of the Suez Canal as one of the tributaries of Egypt’s hard currency, especially the dollar, and the return has increased from a few million dollars until it exceeds 8 billion dollars in 2023.
Ok, what happened in Egypt after the 1973 war?
With the outbreak of the October 1973 war, Egypt witnessed a severe shortage of foreign currencies, and there was a major problem with imports due to limited foreign exchange. This revived the black market to meet the needs of imports, and from that time the black market became a reality within the Egyptian economy.
Since the seventies, black market transactions have not calmed down except during short periods when there is stability in the currency exchange rate or when the central bank grants individuals and companies the freedom to obtain foreign exchange. These periods were between 1991 and 1997, and between 2005 and 2009, and during the second half of 2017 until 2020. Other than that, the black market had a lot of activity that differed from the pricing of the dollar at the central bank.
In the mid-1980s, Egypt faced a real crisis in providing hard currency at a time when Egyptians’ travel abroad, especially to the Gulf countries, flourished. Most Egyptians at that time were storing their children’s transfers from abroad as dollars or selling them to currency dealers on the black market. During this period, banks were resorting to black market dealers. To manage its needs of dollars and pay off its debts, currency trading offices began to appear, and a name appeared that was prominent in this period. He was Sami Ali Hassan, the owner of the largest case investigated by the Socialist Prosecutor’s Office at the time. He was nicknamed the Emperor of the Dollar, and he was considered a private bank due to the huge amount of foreign currencies it had. Higher than some banks, the socialist plaintiff referred the case to the Court of Values and it was known as “the trial of currency traders and bank deviations.”
Ok, how did Sisi and the government start confronting the black market for the dollar?
On the other hand, Sisi is a fighting man, originally a military and information command, and you know that you cannot enter a battle unless you have men who can bear responsibility and decision, and you can do something called assessing a situation, making immediate and short-term plans, and long-term plans, and having people who absorb and deal quickly and flexibly with all developments, and at the same time be… She is in control and her hands do not shake.. Al-Sisi asked for personalities with these specifications in the banking sector to be bankers with the rank of guerrillas and fighters, and because Egypt is all good and well-off, it has many men who can bear the responsibility, and the most prominent name was Hassan Abdullah, who was charged with the task of floating the crisis and crossing the danger, without any recklessness that could kill the country. There is a path that goes and does not come back.
The truth is that Al-Sisi’s choice of Hassan Abdullah Muwaffaq was a million percent because this man has all the characteristics and qualities of leadership… calm, strong, prestige, experienced, a shrewd administrator, and you want to see how shrewd he is. Look at the dollar now where he is and see how he manipulated the merchants and made them lose everything they had collected in the end.
The important thing is that as soon as the president appointed Hassan Abdullah as Governor of the Central Bank in August 2022, the man began his mission and sought the help of banking legends such as Hisham Ezz Al-Arab, the philosopher of money and banking, and the veteran banker Muhammad Naguib, to help him in the mission. The three figures were the Central Bank’s operations room and the mastermind who managed the exchange market and dealt with developments. .. And of course, the Central Bank of Egypt made a tremendous effort, which is very difficult to tell about all of it, because every day there was a decision, action, or movement, and no one was sleeping in the Central Bank, and there was a direct phone line between the president and the governor of the Central Bank, and there were accounts that were measured in milliliters so that things would not get out of control.
The Central Bank’s plan was to preserve the dollar as much as possible and block any attempt to exploit dollar accounts in speculation in the black market, and put forward initiatives to lure holders of dollars into banks, and we all remember the expatriates’ car initiative, the initiative to enter gold almost without fees, and offering special lands to expatriates in dollars, other than certificates. The dollar and many other initiatives were able to provide an outcome other than unemployment in dollars.
The Central Bank also managed dangerous files, such as the flotation, the International Monetary Fund loan, and providing dollar requests for the state to import. At the same time, Abdullah was required to pay debt installments, increase salaries, provide a strategic reserve of hard currency, and invent new resources for the dollar.. The truth was that the task was very dangerous and difficult, and all procedures or An initiative that we said quickly, this took many days and hours of work to implement in the required manner, in order to confront the monsters of the black market with many plans and details, and because the lesson is in the conclusions, we can say that the Hassan Abdullah Battalion was able to achieve the mission that President Sisi assigned it to it.
What is the story of the satanic alliance between merchants, goldsmiths, the Brotherhood, foreign elements, and those with agendas to collect the dollar and bring Egypt to its knees?
In the last two years, Egypt has been subjected to a very large conspiracy whose goal was to bring it to its knees and ruin the New Republic project, which is sponsored and whose establishment is supervised by President Sisi. Many parties participate in this conspiracy, including the Brotherhood, currency dealers, and Western intelligence agencies. The main role of the Brotherhood in the past months has been to deepen every crisis in Egypt until they succeed in heating up the street to the last possible extent, and then the chaos brigades move, and this is what their sick imagination and mentality of black revenge on all Egyptians depicted in 2013, when the people told them enough is enough, you are failures and ignorant, and all your work is conspiracy, suspicion, suspicion, and extremism.
From the beginning of the emergence of the dollar crisis in Egypt after the Russian-Ukrainian war and the exit of hot billions, the Brotherhood gangs moved before any party and felt, because of their experience in conspiracies and crises, that they could create a major problem for the political leadership in Egypt and embarrass Sisi in front of the people, and she said to herself, “Finally, the opportunity has come for the Egyptian people to see a difficult thing.” With Sisi, instead of the achievements and projects that he inaugurated every day, Egypt regained its strength and leadership in the region, and for this reason, their screens, channels, and electronic committees were focusing their battle with the dollar, and they were celebrating the record rise in the price of the American currency.
In its battle with the state, the group took advantage of its old financial networks. They were the ones who invented the story of money exchange and money-recruitment companies in Egypt and outside the country in order to maintain a cover for their financial empire, which they originally built from currency trade. If we say that the Brotherhood is the people who benefited the most from currency trade, we will not be exaggerating, as this is all known, true, and documented. Although the state closed the exchange companies in which the Brotherhood had a proven hand, it preferred their secret financial networks, and the Brotherhood’s public exchange work was transferred to the black market for currency. Their goal was two important goals: the first was to exploit the crisis forcefully to the maximum extent of gain and profits, because they were shrewd traders in any illegal commercial and financial need, and the second was the need to deepen The crisis and the embarrassment of the government and Sisi in front of the people, and because they have a long history of secret work, suspicious money networks, transferring money in various ways, investing and laundering money, and their large network of companies outside Egypt, they were able to manage the currency market with great devilishness and obsess over prices.
Who else but the Brotherhood were the cause of the dollar crisis in Egypt?
The truth is that there are many parties, the most important of whom are the whales of the market, among the major merchants who took advantage of the crisis and stored the goods and made the market thirsty. They remained the ones controlling the prices, raising and lowering the price according to their mood, and if the government moved, they would return to collect the goods and store them to some extent. People accept the fait accompli and say that the goods are expensive, oh, but thank God they exist.
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