News / World

Egypt raises tariffs up to 60 per cent for imported goods

CAIRO — Egypt's president has imposed a second increase of tariffs on hundreds of imported products.

The official Gazette published President Abdel-Fattah el-Sissi's decree on Thursday with a long list of over 350 items including fruits, foods, perfumes, furniture, and others where customs duties increased between 40 and 60 per cent .

This is the second time this year the government has raised taxes on what it described as luxury commodities.

The measure comes nearly a month after the government floated its currency and raised fuel prices to qualify for a $12 billion bailout from the International Monetary Fund. The bailout is hoped to improve Egypt's economy after years of unrest.