Published: Just now
The international currency reserve is running out in Egypt and there is a shortage of US dollars.
This means that companies cannot afford to import products – such as the popular el-Arosa tea.
About 6,000 tonnes of el-Arosa brand tea, which is marketed as “lifting the Egyptian mood”, has been stuck in Egyptian ports for almost a month, reports the Middle East Eye news site.
Egypt’s international foreign exchange reserves have declined by 19 percent in 2022, while the Egyptian pound has weakened to a near-record low against the dollar.
Since few companies that ship imports to Egypt accept Egyptian pounds as payment, the company that distributes the popular tea brand has submitted an official complaint to the Egyptian government.
Unless the banks make US dollars available, the tea shelves in Egypt’s shops will soon be empty, the company warns, as the domestic stock runs out.
Egyptians are reported in various measurements to consume approximately one kilo of tea per person per year, to be compared with the Swedes’ consumption of approximately 300 grams annually per person. 60 percent of all tea is imported into the country.
Local media have warned, somewhat jokingly, that “Egypt’s mood is at stake” and the issue is widely debated on social media.
“Anything—except the temper of the Egyptians! el-Arosa-te is a red line,” writes political commentator Nadia el-Magd on Twitter.