{"id":546930,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"customs-exchange-rate-raised","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/","title":{"rendered":"Customs exchange rate raised"},"content":{"rendered":"

<\/a> Gov\u2019t hikes customs exchange rate:<\/strong> The Customs Authority yesterday raised the USD customs exchange rate to EGP 18.65 from EGP 17.00<\/a> in May, it said in a statement<\/a>. This brings it almost in line with the official exchange rate of EGP 18.66.<\/p>\n

The customs rate has been fixed since March:<\/strong> The government re-introduced<\/a> the monthly customs exchange rate in March after the central bank allowed the EGP to fall 16% against the greenback. The rate was set at EGP 16.00 for imports of basic commodities and materials used for manufacturing.<\/p>\n

EGP WATCH-<\/strong> The EGP has now fallen 18% against the USD since March after slipping to EGP 18.66 yesterday.<\/p>\n

Bad news for prices?<\/strong> The decision \u201cwill have a direct impact on inflation,\u201d Beltone\u2019s Alia Mamdouh told Bloomberg Asharq<\/a> yesterday.<\/p>\n

Cars could get even pricier:<\/strong> Cars from Europe and Asia will be 2% more expensive as a result of the move, while cars from elsewhere will become 6.5% pricier, Alaa El Saba, member of the automotive division at the Federation of Egyptian Chambers of Commerce, told Asharq.<\/p>\n

Price increases could be purely academic <\/strong>considering that some importers are struggling to get goods into the country in the first place. Some foreign car manufacturers have suspended sales to Egypt<\/a> after the switch to using letters of credit (L\/Cs) left local dealers unable to purchase vehicles, leaving around 29k vehicles stranded in Egyptian ports.<\/p>\n

An official at one high-profile auto dealer we spoke with yesterday said they have zero stock, no visibility on when they would get cars in stock<\/strong>, and that most staff salaries have not been paid in the past two months.<\/p>\n

\u201cThe biggest problem is that we cannot import now because of banking complications<\/strong> and the lack of easily obtainable hard currency,\" an anonymous major importer of household appliances told Bloomberg Asharq. The shortage of inventory in some markets became much worse after new rules were handed down in March requiring importers to use letters of credit (L\/Cs<\/a>) to purchase goods, instead of documentary collection, a quicker, more accessible, and less capital-intensive way of facilitating trade.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t hikes customs exchange rate: The Customs Authority yesterday raised the USD customs exchange rate to EGP 18.65 from EGP 17.00 in May, it said in a statement. This brings it almost in line with the official exchange rate of EGP 18.66. The customs rate has been fixed since March: The government re-introduced the monthly […]<\/p>\n","protected":false},"author":1,"featured_media":546931,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8516],"tags":[144,664,838,1419,72,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-automotive","tag-customs-authority","tag-devaluation","tag-egp","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"f98aac81-039e-4fbd-800d-533cb4a17ccc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/108.jpg","photo_position":"above","related_issue":[546924],"teaser":"","voice_url":""},"yoast_head":"\nCustoms exchange rate raised - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customs exchange rate raised\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t hikes customs exchange rate: The Customs Authority yesterday raised the USD customs exchange rate to EGP 18.65 from EGP 17.00 in May, it said in a statement. 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The EGP hit fresh two-year highs against the greenback last week, breaking the EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596603,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egypts-customs-exchange-rate-remains-unchanged\/","url_meta":{"origin":546930,"position":2},"title":"Egypt\u2019s customs exchange rate remains unchanged","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"The Finance Ministry has left the discounted customs exchange rate for essential imports unchanged at EGP 16 for July, Masrawy reported. The ministry set the rate for non-essential imports at EGP 16.77.","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594595,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/egypt-scraps-monthly-customs-rate-bringing-back-daily-system\/","url_meta":{"origin":546930,"position":3},"title":"Egypt scraps monthly customs rate, bringing back daily system","author":"enterpriseam admin","date":"2 September 2019","format":false,"excerpt":"FinMin brings back daily customs rate, scrapping monthly system: The Finance Ministry has decided to scrap the monthly customs exchange rate introduced in 2017 and will revert to setting the rate on a daily basis according to FX rates announced by the central bank, according to a ministry statement. 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