{"id":546950,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"more-trouble-ahead-for-importers-as-customs-exchange-rate-rises","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/","title":{"rendered":"More trouble ahead for importers as customs exchange rate rises"},"content":{"rendered":"<p><strong>Leading the airwaves yesterday: <\/strong>The Customs Authority\u2019s decision to hike the USD customs exchange rate to EGP 18.65 this month had everyone talking on the airwaves.<\/p>\n<p><strong>Prepare for more inflation:<\/strong> Prices of imported products will rise 7-9% due to the decision, Emad El Qenawy, head of the importers division at the Federation of Egyptian Chambers of Commerce (FEDCOC), told Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=4JYc6n9ztQs\">watch, runtime: 6:06<\/a>). \u201cThe rise would come on the back of a hike in the cost of [imported] goods plus [existing] VAT,\u201d El Qenawy said on the decision.<\/p>\n<p><strong>With prices sky high, demand is already low:<\/strong> People aren\u2019t buying imported electronics, Ashraf Helal, head of the electrical appliances division at FEDCOC, told Ala Mas\u2019ouleety\u2019s Ahmed Moussa, describing the market as in \u201crecession\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=NvGP5qf1drU\">watch, runtime: 2:12<\/a>).<\/p>\n<p><strong>L\/Cs are already making things difficult enough: <\/strong>Many cargoes are stuck in customs due to difficulties in opening letters of credit (L\/Cs), Helal said. New rules introduced by the central bank in March require importers to use L\/Cs to import goods, instead of documentary collection. L\/Cs are a more expensive, complex, and harder-to-access form of trade finance than documentary collection.<\/p>\n<p><strong>Also opining on the news last night: <\/strong>Mohamed El Bahy, head of the Federation of Egyptian Industries\u2019 tax and custom committee, was on Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=ighcRbF2k4U\">watch, runtime: 6:49<\/a>), while Alaa Al-Sabaa, member of the automotive division at FEDCOC, phoned in to Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=t3NXJboPV2E\">watch, runtime: 4:32<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Development finance:<\/strong> The Japan International Cooperation Agency (JICA) will assist with the rollout of the government\u2019s universal health insurance system under a two-year agreement signed yesterday. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=3wMlEKCkiWw\">watch, runtime: 3:23<\/a>) <\/li>\n<li><strong>Mining:<\/strong> The awarding of eight gold and mineral exploration licenses in the Eastern Desert earned a mention. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=_5Sp9EJV3UM\">watch, runtime: 3:01<\/a>)<\/li>\n<li><strong>Presidential pardons: <\/strong>Yahia Hussein Abdel Hady yesterday became the latest detainee to receive a presidential pardon following years of being held in pre-trial detention. A new list of names will be released today. (Al Hayah Al Youm | <a href=\"https:\/\/manshurat.org\/node\/71107\">watch, runtime: 7:31<\/a>) (Yahduth Fe Masr | <a href=\"https:\/\/www.youtube.com\/watch?v=51aaHMs8g9U\">watch, runtime: 5:16<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Leading the airwaves yesterday: The Customs Authority\u2019s decision to hike the USD customs exchange rate to EGP 18.65 this month had everyone talking on the airwaves. Prepare for more inflation: Prices of imported products will rise 7-9% due to the decision, Emad El Qenawy, head of the importers division at the Federation of Egyptian Chambers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9708],"tags":[271,72,892,1415,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546950","post","type-post","status-publish","format-standard","hentry","category-last-nights-shows","tag-central-bank-of-egypt","tag-enterpriseam","tag-jica","tag-l-cs","tag-last-nights-talk-shows","wpautop","entry"],"acf":{"mongo_id":"ddb4c89e-4c4a-447f-828f-d9e48689cb15","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546924],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>More trouble ahead for importers as customs exchange rate rises - 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\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More trouble ahead for importers as customs exchange rate rises\" \/>\n<meta property=\"og:description\" content=\"Leading the airwaves yesterday: The Customs Authority\u2019s decision to hike the USD customs exchange rate to EGP 18.65 this month had everyone talking on the airwaves. Prepare for more inflation: Prices of imported products will rise 7-9% due to the decision, Emad El Qenawy, head of the importers division at the Federation of Egyptian Chambers [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-02T04:00:16+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More trouble ahead for importers as customs exchange rate rises\",\"datePublished\":\"2022-06-02T04:00:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\"},\"wordCount\":353,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Central Bank of Egypt\",\"EnterpriseAM\",\"JICA\",\"L\/Cs\",\"LAST NIGHT\u2019S TALK SHOWS\"],\"articleSection\":[\"LAST NIGHT'S SHOWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\",\"name\":\"More trouble ahead for importers as customs exchange rate rises - 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Earlier this week, the Finance Ministry reversed a decision to set the customs exchange rate\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549024,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/light-at-the-end-of-the-tunnel\/","url_meta":{"origin":546950,"position":1},"title":"Light at the end of the tunnel?","author":"enterpriseam admin","date":"31 August 2022","format":false,"excerpt":"Goods that have been piling up at Egypt\u2019s ports are expected to be released in the \u201ccoming days\u201d as the government rolls out a basket of measures to clear shipments that have been held up at customs, the Finance Ministry statement. The measures promise a measure of much-anticipated relief for\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594637,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/no-particular-theme-driving-the-conversation-on-egypts-airwaves-last-night\/","url_meta":{"origin":546950,"position":2},"title":"No particular theme driving the conversation on Egypt\u2019s airwaves last night","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"It was a mixed bag of nuts on the airwaves last night, with no particular topic dominating the conversation. Discussions of the new floating customs exchange rate, automotive sales, and a new presidential health initiative all got some airtime. 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The authority yesterday said that importers caught fabricating documentation and submitting invoices of less\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/583.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605016,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/finmin-scraps-customs-act-plans-to-send-it-back-to-public-discussion\/","url_meta":{"origin":546950,"position":5},"title":"FinMin scraps Customs Act, plans to send it back to public discussion","author":"enterpriseam admin","date":"19 December 2018","format":false,"excerpt":"LEGISLATION WATCH- FinMin scraps proposed Customs Act amendments: Finance Minister Mohamed Maait has scrapped a set of proposed amendments to the Customs Act and will put it back up for public discussion in 1Q2019, Federation of Chambers of Commerce (FEDCOC) Head Ahmed El Wakeel told Al Mal. The proposed amendments\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546950"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546950\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546924"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546950"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546950"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}