Egyptian Prime Minister: Electricity Price Increase Will Reduce Sector Losses

Egyptian Prime Minister Mostafa Madbouly stated today, Wednesday, that "raising electricity prices will reduce sector losses to 75 billion Egyptian pounds (2.43 billion dollars) from 90 billion." Madbouly said, "The fuel we use to operate power stations is purchased in US dollars." The Central Bank of Egypt has kept the exchange rate of the Egyptian pound stable at 30.95 pounds to the dollar since March, but it has since fallen to 50 pounds to the dollar in the black market.