Despite the measures announced by the Egyptian government and the Central Bank in the context of facing a wave Price hikes, but so far the hikes are still going on.
While some analysts were counting on the volume of liquidity absorbed by the high-return investment certificate to calm the wave of price hikes, the recent decision of the Petroleum Products Automatic Pricing Committee to move fuel prices may have pushed commodity prices to new heights.
A few days ago, the Automatic Pricing Committee for Petroleum Products announced that the current prices of all types of gasoline would be raised by 25 piasters, and that the price of diesel would be fixed until the end of next June.
The committee indicated that, as of Friday, prices will become 7.5 pounds per liter of petrol 80, 8.75 pounds per liter of 92nd gasoline, and 9.75 pounds per liter of gasoline 95, and fixing the selling price of diesel at 6.75 pounds per liter.
The committee also decided to increase the price of a ton of diesel fuel supplied to other industries by 400 pounds, bringing the price of a ton of diesel to 4,600 pounds, and to keep the prices of diesel supplied to the food and electricity industries stable.
According to data from the Central Agency for Public Mobilization and Statistics in Egypt, the annual inflation rate for the whole of the republic jumped during the month of March for the fourth consecutive month, recording 12.1% compared to 10% in February.
The annual inflation rate in cities exceeded the Central Bank of Egypt’s targets, following it rose to 10.5%, compared to 8.8% in February.
Meanwhile, the Central Bank targets the annual inflation rate in cities at the level of 7%, on average, during the fourth quarter of 2022. The monthly inflation rate for the whole of the Republic rose to 2.4% last March, compared to 2% in February.
On the other hand, the proceeds of selling the high-interest savings certificate increased by 18% at the end of trading yesterday, Sunday, to 556 billion pounds during the first 28 days of its issuance in Al-Ahly and Egypt banks.
On March 21, Al-Ahly and Egypt Banks decided to offer a new savings certificate with a high interest rate, following the Central Bank announced an increase in the interest rate by 1% for the first time in 5 years, and the depreciation of the pound once morest the dollar.
The Vice President of the National Bank of Egypt, Yahya Aboul Fotouh, said that the bank’s total proceeds from selling the certificate with a return of 18% rose to 380 billion pounds in the first 28 days of issuing the certificate at the end of yesterday’s transactions, an increase of 10 billion pounds over the balance of the proceeds last Thursday.
For his part, the head of Banque Misr, Mohamed El-Etreby, said that the bank’s total proceeds from selling the certificate with a high return of 18% rose at the end of trading yesterday, Sunday, to 176 billion pounds, an increase of 3 billion pounds over the balance of the proceeds last Thursday.