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Egypt raises tariffs up to 60 percent for imported goods

Posted 2:12 p.m. Thursday

— 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 percent.

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.

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