{"id":577567,"date":"2022-11-28T03:41:25","date_gmt":"2022-11-28T03:41:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/"},"modified":"2022-11-28T03:41:25","modified_gmt":"2022-11-28T03:41:25","slug":"pm-cbe-governor-working-to-drum-up-fx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/","title":{"rendered":"PM, CBE governor working to drum up FX"},"content":{"rendered":"

<\/a>\u00a0Central Bank Governor Hassan Abdalla and Prime Minister Moustafa Madbouly discuss ensuring that FX remains available and stable for strategic goods<\/strong>, according to a cabinet statement<\/a>. Their statement stressed that they\u2019re working to boost FX reserves by drumming up FX, including by attracting more FDI, boosting tourism, and through the expat car import scheme.<\/p>\n

Imports of everything but food and fuel have slowed to a trickle or stopped altogether in <\/strong>the past two weeks<\/strong> as local banks struggle to find the hard currency to issue letters of credit (L\/Cs) to get shipments released from ports, importers and bankers are quoted as saying by Bloomberg Asharq<\/a>.<\/p>\n

Blame the ongoing FX crisis: <\/strong>The continued shortage of FX and the rising USD-EGP exchange rate has slowed \u2014 but not completely stopped \u2014 the flow of goods into the country, Federation of Egyptian Chambers of Commerce Member Ahmed Shiha is quoted as saying. Unnamed sources go further, with one home appliances importer reportedly telling the news outlet that imports have dried up completely.<\/p>\n

The CBE in October <\/strong>said<\/a><\/strong> it would \u201cgradually\u201d phase out <\/strong>import restrictions<\/a><\/strong>, including rolling back by the end of the year a requirement introduced in February that all imports be financed through L\/Cs, rather than the cheaper and simpler process of documentary collection. Shipments worth up to USD 500k are now allowed to rely on documentary collection, up from a previous USD 5k limit, while measures were taken to release some imports<\/a> for private use from ports in November.<\/p>\n

CORRECTED ON- 28 November\u00a0<\/em>
\nA previous version of this story inaccurately quoted a statement from the cabinet on Prime Minister Moustafa Madbouly's meeting with CBE Governor Hassan Abdullah earlier this week, where the two discussed facilitating FX for imports of strategic and critical goods. They did not suggest that there had been a slowdown in the clearing of goods from customs, as was previously noted.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Central Bank Governor Hassan Abdalla and Prime Minister Moustafa Madbouly discuss ensuring that FX remains available and stable for strategic goods, according to a cabinet statement. Their statement stressed that they\u2019re working to boost FX reserves by drumming up FX, including by attracting more FDI, boosting tourism, and through the expat car import scheme. Imports […]<\/p>\n","protected":false},"author":1,"featured_media":577568,"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":[10522],"tags":[72,2234,10521],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-imports","tag-enterpriseam","tag-foreign-exchange","tag-imports","wpautop","entry"],"acf":{"mongo_id":"f672467e-6883-4598-b682-514b16c303de","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/447.jpg","photo_position":"above","related_issue":[577558],"teaser":"","voice_url":""},"yoast_head":"\nPM, CBE governor working to drum up FX - 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\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM, CBE governor working to drum up FX\" \/>\n<meta property=\"og:description\" content=\"\u00a0Central Bank Governor Hassan Abdalla and Prime Minister Moustafa Madbouly discuss ensuring that FX remains available and stable for strategic goods, according to a cabinet statement. Their statement stressed that they\u2019re working to boost FX reserves by drumming up FX, including by attracting more FDI, boosting tourism, and through the expat car import scheme. 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October had seen the largest monthly increase in foreign currency reserves this year, with FX holdings shooting up by USD 800 mn. Foreign\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549548,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/","url_meta":{"origin":577567,"position":1},"title":"Foreign-currency rules for imports are easing","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"Central bank eases FX rules for imports: The Central Bank of Egypt (CBE) has relaxed restrictions on the use of foreign currencies for imports in a bid to ease the buildup of goods at ports, according to a document circulating among banks seen by Enterprise.Among the key changes:#1- You should\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632173,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/05\/egypts-net-fx-reserves-rose-to-usd-38-2-bn-in-january\/","url_meta":{"origin":577567,"position":2},"title":"Egypt\u2019s net FX reserves rose to USD 38.2 bn in January","author":"enterpriseam admin","date":"5 February 2018","format":false,"excerpt":"Egypt\u2019s net FX reserves see biggest m-o-m jump since July: Egypt\u2019s net FX reserves rose to USD 38.2 bn as at the end of January, up from USD 37.02 bn at the end of December, making their biggest m-o-m jump since July last year, according to CBE figures released yesterday.\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":623321,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/28\/egypts-net-fx-sufficient-for-8-5-months-worth-of-imports\/","url_meta":{"origin":577567,"position":3},"title":"Egypt\u2019s net FX sufficient for 8.5 months\u2019 worth of imports","author":"enterpriseam admin","date":"28 October 2018","format":false,"excerpt":"Egypt has foreign currency reserves sufficient for 8.5 months\u2019 worth of imports, according to the central bank\u2019s monthly statistical bulletin (pdf). Net FX reserves had reached USD 44.45 bn at the end of September.","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":549990,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/last-nights-talk-shows-more-on-the-ramifications-of-the-fx-shortage\/","url_meta":{"origin":577567,"position":4},"title":"Last Night\u2019s Talk Shows: More on the ramifications of the FX shortage","author":"enterpriseam admin","date":"10 October 2022","format":false,"excerpt":"It was a quiet night on the airwaves last night, as the talking heads chewed over the consequences of an ongoing FX shortage for the automotive and banking sectors, including car imports trouble and new limits on card use abroad introduced by at least four local banks.Surprising nobody, car dealers\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627846,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/13\/fx-reserves-enough-to-cover-nine-months-of-imports\/","url_meta":{"origin":577567,"position":5},"title":"FX reserves enough to cover nine months of imports.","author":"enterpriseam admin","date":"13 June 2018","format":false,"excerpt":"Egypt now has FX reserves on hand sufficient to cover nine months of imports, CBE Tarek Amer said in a speech at the annual African Development Bank meeting in Busan, South Korea. Amer is reported to have said that the move was necessary because there could be no improvement in\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577567","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=577567"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577567\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577568"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577567"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577567"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}