CBE Widens Exceptions on Import RestrictionsSource: www.export-egypt.com 2/23/2016, Location: Africa |
|
|
|
|
|
Egypt's central bank excluded manufacturing inputs, spare parts and computers from a measure requiring importers to provide 100 percent cash deposits at banks on their letters of credit, the bank said in a statement.
The central bank raised in December the requirement from 50 percent in an attempt to boost domestic production against foreign competition and shore up limited resources of the hard currency. Imports of medicines, input materials for pharmaceuticals and babies' milk were excluded from the decision. The blow to Egypt’s main sources of foreign currency -- tourism and foreign direct investments -- following the uprising in 2011, has starved Egypt of hard currency. As importers sought foreign currency from a growing black market, pressuring the value of the pound, the central bank has taken measures to control the market. The CBE imposed last year a cap on foreign currency deposits of $10,000 per day and $50,000 per month to limit the acquisition of dollars through unofficial channels. However, in January the daily cap was lifted and the monthly deposit ceiling was expanded to $250,000 for staple imports. Earlier this month, the bank made an exception for travelers entering Egypt from the deposit cap as long as they are able to prove the source of their hard currency. Egypt's foreign currency reserves stood at $16.477 billion at the end of January, down from $36 billion in 2010 |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
