Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries, announced that the Federation has submitted a memorandum to the government, which proposes setting a clear system for paying natural gas costs. He explained that natural gas payments are currently related to a volatile USD-EGP exchange rate, since gas costs are quoted in USD and paid in EGP equivalent. He added that the government should come up with a pricing system that protects producers against more fluctuations in the exchange rate. Finally, he noted that the government should take into consideration that manufacturers are already pressured after the EGP floatation, which inflated natural gas costs. (Al Borsa)