Tarek Qabil Expects 10pct Rise In Exports 'If And When Devaluation Happens'Source: www.export-egypt.com 9/20/2016, Location: Africa |
|
|
|
|
 Egyptian exports are expected to be boosted by 10 percent if and when the devaluation of the local currency happens, Trade and Industry Minister Tarek Kabil said.
During the second and the last day of the Euromoney Egypt conference, Kabil said that since January the country’s imports have gone down by $7 billion and exports have risen by $1 billion, “but it takes time to boost [local] industry.” The minister said he hopes there will be a free floating exchange rate of the Egyptian pound by the next Euromoney conference in September 2017. Egypt, which relies heavily on imports of wheat and other staples to feed its population of 90 million, has been facing a dollar squeeze since the 2011 uprisings, which was followed by political and security turmoil that had spooked tourists and investors. In March, the Central Bank of Egypt (CBE) weakened the local currency by 14 percent of its value against the dollar in an attempt to eliminate the black market. In December, the CBE imposed import controls in an attempt to reduce the import bill by 25 percent in 2016 compared to the previous year that was estimated at $20 billion. According to the latest official statistics, Egypt's trade deficit was down 15.7 percent in June compared to the same month last year, to reach EGP 29.7 billion. |
|
|
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 | |
