{"id":594638,"date":"2019-09-03T04:07:57","date_gmt":"2019-09-03T04:07:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/floating-customs-exchange-rate-could-raise-inflation-analysts\/"},"modified":"2019-09-03T04:07:57","modified_gmt":"2019-09-03T04:07:57","slug":"floating-customs-exchange-rate-could-raise-inflation-analysts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/floating-customs-exchange-rate-could-raise-inflation-analysts\/","title":{"rendered":"Floating customs exchange rate could raise inflation -analysts"},"content":{"rendered":"

<\/a> Floating customs rate could raise inflation -analysts:<\/b> The decision to float the customs exchange rate could drive inflation up in the coming months if the EGP depreciates sharply against the USD, analysts told Reuters<\/a> yesterday. Earlier this week<\/a>, the Finance Ministry reversed a decision to set the customs exchange rate on a monthly basis, a policy introduced in January 2017 amid exchange rate fluctuations. The ministry said it would revert to setting the rate on a daily basis according to the average FX rate set by the Central Bank of Egypt. The rate for non-essential imports was previously set<\/a> at EGP 16.62 \/ USD 1 for August, while the discounted customs exchange rate was held for several months at EGP 16.<\/p>\n

Traders could get greedy and hike prices: <\/b>Esraa Ahmed, a senior economist at Shuaa Securities, warned that traders could take advantage of the floating rate to raise prices. \u201cThe main concern is any big increase in the foreign exchange rates. In that case, inflation rates will soar,\u201d she told Reuters. EFG Hermes\u2019 Mohamed Abu Basha agreed that the decision \"may have a slight impact\u201d on inflation.<\/p>\n

The decision shows the government is confident the EGP will hold its ground in the near future<\/b>, Radwa El-Swaify, head of research at Pharos Securities Brokerage, told the newswire. The EGP has gained 7.5% against the USD since the beginning of the year, selling at 16.60 to the USD on Monday compared to 17.97 in January. Inflation dropped to its lowest recording in four years in July<\/a>, prompting the central bank to cut its key interest rates<\/a> by 150 bps in its last meeting.<\/p>\n

Market players seem to be taking the decision as a return to the norm <\/b>that is unlikely to lead to major price hikes. Should the move affect commodity prices, it would do so within a narrow window of no more than 3% on imported goods,Federation of Egyptian Chambers of Commerce general importers\u2019 division member Ahmed Shiha told Ahram Online yesterday<\/a>. \u201c<\/b>The decision was a step on the right track for the domestic market and the industry sector,\u201d Shiha added, sharing the view that the fixed customs exchange rate was \u201can exceptional response\u201d to the needs of the economy after the EGP float.<\/p>\n","protected":false},"excerpt":{"rendered":"

Floating customs rate could raise inflation -analysts: The decision to float the customs exchange rate could drive inflation up in the coming months if the EGP depreciates sharply against the USD, analysts told Reuters yesterday. Earlier this week, the Finance Ministry reversed a decision to set the customs exchange rate on a monthly basis, a […]<\/p>\n","protected":false},"author":1,"featured_media":594639,"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":[8572],"tags":[72,1666,182,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-exchange-rate","tag-inflation","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"593a8a91-9e44-4e4c-a5e1-297518ef62e8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/776.jpg","photo_position":"above","related_issue":[594633],"teaser":"","voice_url":""},"yoast_head":"\nFloating customs exchange rate could raise inflation -analysts - 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\/2019\/09\/03\/floating-customs-exchange-rate-could-raise-inflation-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Floating customs exchange rate could raise inflation -analysts\" \/>\n<meta property=\"og:description\" content=\"Floating customs rate could raise inflation -analysts: The decision to float the customs exchange rate could drive inflation up in the coming months if the EGP depreciates sharply against the USD, analysts told Reuters yesterday. 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In a bid to stop the whining and gnashing of teeth immediately after the float, the ministry had directed the Customs Authority to set a monthly exchange rate\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":604405,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/digesting-the-change-in-how-customs-are-calculated-on-non-essential-goods-car-prices-are-up-interest-rate-cuts-could-be-postponed\/","url_meta":{"origin":594638,"position":1},"title":"Digesting the change in how customs are calculated on non-essential goods: Car prices are up, interest rate cuts could be postponed","author":"enterpriseam admin","date":"3 December 2018","format":false,"excerpt":"Car prices are up and analysts suggest interest rate cuts could be postponed as nation digests the change in how customs on non-essential goods are calculated: The exchange rate used to calculate customs on non-essential imports has been currently set at EGP 17.90 to the greenback and will be reviewed\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":594689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/car-manufacturers-say-floating-customs-exchange-rate-adds-more-burdens-on-the-industry\/","url_meta":{"origin":594638,"position":2},"title":"Car manufacturers say floating customs exchange rate adds more burdens on the industry","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Floating customs exchange rate adds to car manufacturers\u2019 concerns: The government\u2019s recent move to float the customs exchange rate presents additional obstacles for local car assemblers and could lead to more price increases in an already troubled market, Egyptian Automobile Manufacturers Association (EAMA) spokesman Khaled Saad told Al Mal. No\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":651599,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/16\/finance-ministry-sets-custom-rate-at-egp-16-for-the-usd-1-customs-revenues-reach-egp-14-5-bn\/","url_meta":{"origin":594638,"position":3},"title":"Finance Ministry sets custom rate at EGP 16 for the USD 1, customs revenues reach EGP 14.5 bn","author":"enterpriseam admin","date":"16 February 2017","format":false,"excerpt":"The Finance Ministry has revised its exchange rate for customs duties to EGP 16.00 per USD from EGP 18.50 per greenback, Al Borsa reports. The ministry will also review the exchange rate to be used to calculate customs every 15 days instead of every 45 days, as had been the\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":635380,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/egypt-to-keep-customs-exchange-rate-at-egp-16-in-december\/","url_meta":{"origin":594638,"position":4},"title":"Egypt to keep customs exchange rate at EGP 16 in December","author":"enterpriseam admin","date":"3 December 2017","format":false,"excerpt":"The Finance Ministry will keep its customs exchange rate steady at EGP 16 per USD 1 for December, the ministry said in a statement on Wednesday. \u201cThe decision is consistent with the currency price stabilisation in the past period,\u201d the statement said.","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":604358,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/egypt-scraps-discounted-customs-exchange-rate-on-luxury-imports\/","url_meta":{"origin":594638,"position":5},"title":"Egypt scraps discounted customs exchange rate on \u201cluxury\u201d imports","author":"enterpriseam admin","date":"2 December 2018","format":false,"excerpt":"Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports including tobacco and cosmetics. 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