One way to save money is to buy a crashed car that has been fixed up. REUTERS/Amr Abdallah Dalsh
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Swapping new cars for cheaper models, cutting back on pricey supermarket shopping and giving up holidays abroad, middle-class Egyptians are finding strategies to stay afloat after a currency reform a year ago sent living costs soaring. Egypt floated its pound in November 2016 as part of a $12 billion International Monetary Fund loan package, and the currency lost half its value, eroding spending power and pushing inflation to record highs over 30 percent this summer.Still, fuel costs have doubled with two increases in subsidized prices.A 2016 World Bank survey found the middle class represented around 10 percent of the country's population of about 90 million just before the Arab Spring protests.For some, like Mahmoud al-Abadaly, hunting for bargains among the crash-damaged vehicles at a second-hand car shop, politics comes second to cash considerations. A car normally worth 300,000 pounds ($17,000) can be fixed up and had for half that price, he said.In 2014, turnout was about 47 percent, less than that which Sisi had called for.
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