Collateral damage of floating the pound continues, and commuters will now be paying 2 EGP for their metro ticket - double the previous amount.
Four months after floating the pound, and the one pound coin will no longer suffice to buy us a metro ticket. Commuters will now be required to pay 2 EGP, which is double the previous amount, in order to get to their daily destinations using the metro.
"Two pounds is OK, but only if they improve the service. The service is very bad, there are a lot of delays during rush hour," an Egyptian accountant tells Reuters.
This increase follows recent threats by water and electrical companies to cut services on the metro stations due to EGP 300 million in outstanding bills accumulated over the last 18 months. However, officials argue that the price rise could double the future annual revenues, along with fixing the financial troubles of the metro service, reports Al Ahram.
Transport Minister Hesham Arafat allegedly fought the initial price increase, which was set to reach 3 EGP instead. Government statistics show that 28% of Egyptians earned less than 36 EGP a day in 2015, while the minimum wage remains at 1,200 EGP a month.