CAIRO, Aug 5 (Aswat Masriya) – Egypt's government poured 116.7 billion Egyptian pounds into its subsidies during the first 11 months of the fiscal year 2014/2015, the state's statistical agency said on Wednesday.

Rising from 101 billion pound, the 15.7 billion-pound increase was mostly allocated to subsidisng supplies commodities, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a monthly report covered by the state news agency MENA.

Subsidies for supplies commodities from July 2014 and until May 2015 reached 35.9 billion pounds, CAPMAS reported, as opposed to 28.1 billion pounds during the same time in the previous fiscal year.

Egypt has implemented a new system for bread production which would save 10 billion pounds of subsidies during the current fiscal year, according to the supplies minister.

Minister Khaled Hanafi told Aswat Masriya last May that the subsidies allocated to the petroleum sector declined during the first 11 months of the fiscal year 2014/2015.

Petroleum subsidies reached 44.8 billion pounds, as opposed to 49.8 billion pounds the same time in the previous year.

President Abdel Fattah al-Sisi's administration reduced petroleum subsidies and introduced new taxes in July 2014, hiking fuel prices by up to 78 percent. 

(U.S. dollar=7.73 Egyptian pounds)