Egypt’s Informal Economy
Samy M. has been providing currency exchange services on the black market in Cairo’s hectic neighborhood of Nasr City for nearly a decade. He does this from the crammed office of his other, formal business, which offers real estate services.
“Money exchange has always been lucrative, but it was even busier last year,” he says. With the Egyptian pound weak, hovering at around 6.9 pounds to the dollar on the official market for the past few months, people are drawn to black market rates, which are sometimes as high as 7.20 pounds to the dollar.