Egypt PM says raising power prices will cut sector's losses by 15 bln EGP

Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector's losses to 75 billion Egyptian pounds ($2.43 billion) from 90 billion. ($1 = 30.8500 Egyptian pounds)

Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector's losses to 75 billion Egyptian pounds ($2.43 billion) from 90 billion. "The fuel we use to power electricity plants is being bought using U.S dollars," Madbouly noted.

Egypt's central bank has kept the Egyptian pound fixed at 30.95 to the dollar since March, but the pound has since fallen to 50 to the dollar on the black market. ($1 = 30.8500 Egyptian pounds)