Source: Brookings Institute
Author(s): Adel Abdel Ghafar
Earlier this week, a satirical Facebook post announced that the Egyptian Army engineers have developed an Egyptian dollar to combat the continued rise of the U.S. dollar. The new and improved $100 note features Egyptian President Abdel-Fattah el-Sissi’s photo instead of Benjamin Franklin’s.
Another post shows a video of Karam, a simple man from upper Egypt, revealing his secret to getting a favorable exchange rate for converting Egyptian pounds to dollars. Karam simply lays the Egyptian pound notes out, covers them with his scarf, and sings nationalistic songs to them—afterwards, he reveals a pile of fresh $1 notes. The video has since made it to mainstream media, with a news presenter sarcastically suggesting that Karam be appointed minister of finance.
These posts—just two recent examples of many—reflect the Egyptians’ pessimism about worsening economic conditions. With the resurgent authoritarianism under Sissi, it seems now the only way they can respond is with satire…
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