State-owned fertilizer producers to the rescue? State-owned fertilizer producers have presented the government with a solution to limit their losses following the float of the EGP, Al Mal reported. They suggest paying for the natural gas used to produce fertilizers for domestic production at the fixed pre-float exchange rate of EGP 8.88 per USD 1, but the whole price of USD 4.5 per mmBtu for gas used in producing fertilizers that will be exported. The producers also asked the government to allow them to export 45% of their production. State-owned producers say that they are contracted to sell to the government at a price of EGP 2,000 per tonne, but the production cost following the flotation and given that energy prices are charged in USD, are now at EGP 3,100 per tonne.

In other FX news, international oil companies operating in Egypt are now paying contractors at an exchange rate set weekly by EGPC, sources told Al Mal. That exchange rate represents the average at which EGPC is able to access credit from domestic banks.