Amid economic struggles in Egypt, Ramadan lights dim

Record ID: 1717118

  • Title: Amid economic struggles in Egypt, Ramadan lights dim
  • Date: 23rd March 2023
  • Summary: CAIRO, EGYPT (MARCH 22, 2023) (REUTERS) EXTERIOR OF SAYEDA ZEINAB MOSQUE VARIOUS OF RAMADAN LANTERNS ON DISPLAY AT SHOP VARIOUS OF BUYERS CHECKING RAMADAN LANTERNS CHILD CARRYING LARGE LANTERN VARIOUS OF EGYPTIAN CITIZEN, MAGDY SOLAIMAN, LOOKING AT LANTERN LANTERNS ON DISPLAY WITH MOSQUE IN BACKGROUND (SOUNDBITE) (Arabic) EGYPTIAN CITIZEN, MAGDY SOLAIMAN, SAYING: "Definitely the increase in prices this period has impacted the market and sales. Last year, the area was more crowded and you would not be able to walk. As you can see, prices are getting higher, so turnout is less compared to last year." GIZA, EGYPT (MARCH 22, 2023) (REUTERS) GIZA PYRAMIDS / SHOP SELLING LANTERNS AND DECORATIONS VARIOUS OF GIZA PYRAMIDS SEEN FROM INSIDE SHOP LANTERNS / GIZA PYRAMIDS IN BACKGROUND GIZA, EGYPT (MARCH 20, 2023) (REUTERS) (NIGHT SHOTS) VARIOUS OF PEOPLE AT SHOP LIT RAMADAN LANTERNS / RAMADAN SONGS PLAYING IN BACKGROUND LARGE LIT LANTERN / SHOPPERS SHOPPERS CHECKING GOODS VARIOUS OF EGYPTIAN CITIZEN, ALAA ABDEL SATTAR, CHECKING LANTERN (SOUNDBITE) (Arabic) EGYPTIAN CITIZEN, ALAA ABDEL SATTAR, SAYING: "Lanterns are nice, but the prices are a bit high. There are the ones made in Egypt and lit with candles or with lamps. These ones are good, but their prices are also high. But in the end it's a tradition, and we like to celebrate." LARGE LIT LANTERN / SHOPPERS
  • Embargoed: 6th April 2023 08:57
  • Keywords: Decorations Economy Egypt Lanterns Ramadan
  • Location: CAIRO, GIZA AND SHARQIYA, EGYPT
  • City: CAIRO, GIZA AND SHARQIYA, EGYPT
  • Country: Egypt
  • Topics: Middle East,Religion/Belief,Society/Social Issues
  • Reuters ID: LVA001951122032023RP1
  • Aspect Ratio: 16:9
  • Story Text: Shops in Egypt are filled with lit lanterns and Ramadan decorations, but buyers are scarce as they struggle with economic woes due to rising inflation and a weaker local currency.
    Customers say they have been struggling to afford basic needs with skyrocketing inflation, impacting sales of Ramadan lanterns and decorations, considered luxury items despite their cultural significance.
    "Last year, the area was more crowded and you would not be able to walk. As you can see, prices are getting higher, so turnout is less compared to last year," said citizen Magdy Solaiman.
    The price of a locally-made lantern ranges between 40 to 80 Egyptian pounds ($1.3 to $2.6), while imported ones range between 80 to 300 pounds ($2.6 to $9.7).
    A factory in the 10th of Ramadan City, east of Cairo, is manufacturing decorations fully made in Egypt.
    Factory manager, Peter Shenouda, says while his products were challenged by cheaper imports in the past, he now sells his locally-manufactured decorations at a price 25 percent cheaper than those imported from China.
    Egypt's economy has come under severe pressure over the past year, after the fallout from Russia's invasion of Ukraine exposed underlying problems. The pound weakened by nearly 24 percent against the dollar over the course of January, bringing its total depreciation to almost 50 percent since March of last year.
    (Production: Sayed Sheasha, Sherif Fahmy, Mai Shams El-Din)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2023. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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