Devaluation of Egyptian pound against dollar not to affect commodities prices

The devaluation of the Egyptian pound against the US dollar in an exceptional auction by the Central Bank of Egypt (CBE) on Monday will not affect the prices of the subsidized basic commodities, affirmed Trade and Industry Minister Tarek Qabil.

The government is keen on the interest of citizens through adopting mechanisms to subsidize goods, he added in statements on the sidelines of the Egyptian- Belarusian business forum on Monday. 

The prices of imported goods will not increase also in the local markets, he added. 

These goods are imported by prices which are higher than the price of registered dollar price today, he explained. 

The CBE's move will contribute to controlling export market, flourishing Egypt's exports ad luring foreign investments to the Egyptian market, he added. 

He, meanwhile, said that prices of delivering gas to the fertilizers factories will not be reduced.