Goods Valued at $1.7 Billion Released From Egyptian Ports

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The Egyptian Customs Authority released in the last ten days USD 1.7 billion (EGP 82.2 billion) worth of commodities from various ports all over Egypt, intending to reduce inflation and stabilize prices, according to Egypt’s Minister of Finance, Mohamed Maait. The release follows an Egyptian government announcement on 4 March that commodities held at ports nationwide, including food, animal feed, production supplies, essential goods, and medicine, would be released to help reduce inflation and stabilize market prices. Commodities have been accumulating at Egyptian ports due to a shortage of foreign currency to release them. However, the decision to release various commodities this month was made against the backdrop of Egypt signing an expanded loan deal with the International Monetary Fund and the Ras El Hekma deal, both of which are intended to increase Egypt’s foreign currency reserves. In a recent interview, Maait stated that commodities held across Egyptian ports amount in value to USD 6 billion (EGP 290.7 billion) and included petroleum products. On 7 March, Egyptian Customs Authorities released goods valued at USD 280 million (EGP 13.5 billion) and on 8 March, a further USD 500 million (EGP 24.3…

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The post Goods Valued at $1.7 Billion Released From Egyptian Ports first appeared on Egyptian Streets.

Source: egyptianstreets