The prices of almost all products have hiked during the previous months after the Central Bank of Egypt (CBE) decided to float the Egyptian pound, which raised the price of the US dollar to EGP 19.56. Although some media headlines said that prices will decrease within 45 days, investors believe that the prices won’t be reduced in the near days. He believes that the exchange rate could be raised again, possibly prolonging investors’ reduction of their products’ prices. El-Adly stated that no investor will reduce the price unless he is certain about the price, allowing the cost of production to be calculated. Worried about another possible price increase, he added that only the market is responsible for pricing—not the media or the government.

Source: Daily News Egypt February 19, 2017 15:54 UTC