Home appliances prices hike by 25%; Egyptian chamber head says

The average prices of all home electric appliances in Egyptian markets hiked by 25 percent following government’s decision to float Egyptian pound exchange rate against dollar.

Head of Engineering Industries Chamber at Federation of Egyptian Industries, Mohamed El Mohandes stated Sunday that this increase is also due to the hike in prices of imported components.

The chairman added that sales of home appliances sector declined by at least 50 percent.

El Mohandes noted that the huge rise in dollar prices participated in lowering factories’ capacities by 25-30 percent.