EgyptAir mulls rise in tickets prices following currency float move

State airline EgyptAir is studying increasing its prices for tickets within days following the central bank’s move to float local currency, an official in the Egyptian airline said Thursday.

“I can’t expect the rate of the anticipated rise in the prices of tickets now, but EgyptAir will announce details soon.” An official in EgyptAir told Amwal Al Ghad on condition of anonymity.

The Central Bank of Egypt (CBE) decided earlier on Thursday to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage, eradicating the black market and stabilising the country’s flagging economy.

According to the CBE, the overnight deposit rate, the overnight lending rate and the rate of the CBE’s main operation have been raised to 14.75 percent, 15.75 percent and 15.25 percent respectively.