After the Central Bank of Egypt held an extraordinary meeting and made a number of significant decisions, citizens’ inquiries about gasoline prices and petroleum products were returned out of fear that the fuel pricing committee would hold an extraordinary meeting. However, prices stabilised in accordance with the committee’s most recent decision to install prices.
A tonne of fuel was sold for 5,000 pounds when used for purposes other than electricity and bakeries.
It’s interesting to note that the automatic pricing committee for petroleum products decided to set the price of selling gasoline products of its three types at 8. 00 pounds per litre for gasoline 80, 9. 25 pounds per litre for gasoline 92, 10. 75 pounds per litre for gasoline 95, and 7. 25 pounds per litre for diesel, as well as the price of selling a tonne of non-electricity and bakeries at 5000 pounds per tonne.
The central bank stressed that this aims to achieve sustainable economic growth when it announced last Thursday that it would increase interest rates on deposits and loans by about 200 basis points and support a free exchange rate policy that bases the value of the pound relative to other currencies on supply and demand.
During yesterday’s trade, the value of the pound relative to the dollar dropped by 16%, ending in the central bank from 22.
99 pounds, compared to banks exceeding 23 pounds in the private sector.
The Central Bank stressed that it does not target specific exchange rates, but rather is seeking to maintain the stability of prices.
After increasing interest rates, today, Saturday, October 29, 2022, the cost of gasoline and diesel has increased.
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