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00:00 The beginning of 2024 in Egypt started with high prices in goods and services,
00:07 while the Egyptian government is trying to break the bubble and try to break the
00:13 barrier between the official and unofficial prices of the dollar in Egypt.
00:18 Also, the dollar is not there, which leads to big differences between the different
00:24 exchange rates, and therefore the government is trying through many programs and many
00:30 ideas to deal with the bubble.
00:33 But behind the beginning of 2024, the Egyptian government raised many services prices,
00:41 starting with the price of the metro, between 12% and 33%.
00:46 The Ministry of Transport and the Iron Bridge Authority have launched a new
00:51 ticket for the metro, for 15 pounds.
00:55 Also, a new increase was applied on the prices of train tickets, between 10% and 25%
01:02 in the 100, which will also be applied in 2024.
01:06 In addition to what was reported by telecommunications companies to users,
01:11 that there is an increase in advanced services, whether on the level of the
01:17 ground or even on the level of minutes, and everything related to the tickets,
01:22 between 10% and 17% on different telecommunications companies.
01:26 Telecommunications companies in Egypt, by the way, include about 104 million users,
01:31 and there is a collective increase for these companies in their services prices.
01:35 Companies have announced the rise in prices, that there is an increase in fuel prices
01:41 for companies and a decrease in imported goods, or rather, an increase in the
01:46 prices of imported goods, due to the dollar's slump.
01:50 And here we return to other increases that will be on the way.
01:54 The Egyptian government has already talked about it, and perhaps delayed it for 18
01:59 consecutive months, and we are talking here about increases in electricity prices.
02:04 The government has said that it will raise the electricity bills in January,
02:09 or raise their prices in January.
02:12 This is also a delay by the government to the idea of US dollar accounts.
02:17 The dollar was previously calculated at 18 pounds per dollar, but with the
02:22 official price reaching 31 dollars, the government needs to increase and raise
02:27 prices again, and there are also demands from the Ministry of Petroleum,
02:32 the Ministry of Electricity must compensate it, and therefore, the electricity
02:37 prices have been raised, as the government has specified, but these increases
02:42 have been delayed for 18 months.
02:45 We look here at the major crisis that Egypt is suffering from, and that is the
02:50 foreign dollar slump, which means that the dollar in the official price, or in the
02:55 Central Bank and in the Egyptian banks, is about 31 pounds, while the dollar in the
03:00 equilateral market may reach its price, sometimes, up to 55 pounds, which means
03:05 that the difference is 77% between the equilateral market and the official banks.
03:11 This is what many people call for the Egyptian government to raise the
03:16 exchange rate.
03:18 As the International Monetary Fund said, the inflation that reached last November
03:24 at the level of the basic inflation, which we exclude from food and energy, to
03:29 the level of the basic inflation, is about 36%, even if it is low, but it is also
03:35 high at 36%.
03:37 So, Egypt welcomes 2024 with new increases in prices, and the eyes are fixed on
03:44 solving the dollar crisis, as well as reducing inflation.