{"id":604358,"date":"2018-12-02T04:14:45","date_gmt":"2018-12-02T04:14:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/egypt-scraps-discounted-customs-exchange-rate-on-luxury-imports\/"},"modified":"2018-12-02T04:14:45","modified_gmt":"2018-12-02T04:14:45","slug":"egypt-scraps-discounted-customs-exchange-rate-on-luxury-imports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/egypt-scraps-discounted-customs-exchange-rate-on-luxury-imports\/","title":{"rendered":"Egypt scraps discounted customs exchange rate on \u201cluxury\u201d imports"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports<\/b> including tobacco and cosmetics. The move is effective for at least one month starting 1 December, <a href=\"https:\/\/ent.news\/2017\/5\/1365.pdf\">the Finance Ministry said in a statement (pdf)<\/a>. The rate for these goods will now be determined by the CBE\u2019s average exchange rate from the previous month. <b>The discount rate remains in effect at EGP 16 for strategic and essential goods.<\/b><\/p>\n<p><b>The move is expected to bring in around EGP 2-2.5 bn for state coffers<\/b> once it is applied to the more than 400 items, a Customs Authority official tells Enterprise.<\/p>\n<p><b>Expect to pay more for mobile phones, computers and pet food:<\/b> The list of non-essential goods includes pet food, mobile phones and computers, as well as products for which domestically manufactured or assembled alternatives exist. A complete list of all the goods now subject to a floating FX rate for customs calculations <a href=\"https:\/\/alborsaanews.com\/2018\/12\/01\/1156989\">can be found here<\/a>. The list was drawn up by the Cabinet economic group, which includes the ministries of finance, trade and industry, investment, and planning.<\/p>\n<p><b>Egyptian manufacturers love the move<\/b>, importers less so \u2014 shocking, we know. The head of the Federation of Egyptian Industries\u2019 (FEI) engineering division, Abdel Moneim El Kady, <a href=\"https:\/\/www.almalnews.com\/Story\/400969\/14\/%D8%B5%D9%86%D8%A7%D8%B9-%D9%8A%D8%B1%D8%AD%D8%A8%D9%88%D9%86-%D8%A8%D8%AA%D8%AD%D8%B1%D9%8A%D8%B1-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%AC%D9%85%D8%B1%D9%83%D9%89-%D9%8A%D8%B1%D9%81%D8%B9-%D9%85%D8%B9%D8%AF%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%85%D9%88\">lauded the move<\/a>.<\/p>\n<p><b>Local car assemblers like it, too<\/b>, saying it will help offset the cut to 0% of customs duties on European Union car imports that goes into effect on 1 January, <a href=\"https:\/\/www.almalnews.com\/Story\/400982\/18\/%D8%A3%D9%85%D9%8A%D9%83-%D8%AA%D8%AD%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%AC%D9%85%D8%B1%D9%83%D9%89-%D9%8A%D8%AF%D9%81%D8%B9-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1\">said a spokesman for AMIC<\/a>, the car industry association.<b> Prices of imported cars could rise 2-5%<\/b>, said an expert quoted by financial daily <a href=\"https:\/\/almalnews.com\/Story\/400856\/18\/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%AA%D8%AD%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%AC%D9%85%D8%B1%D9%83%D9%8A-%D9%8A%D9%82%D9%81%D8%B2-%D8%A8%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-2-5%D9%AA-%D8%A8%D9%85%D8%A7-%D9%81%D9%8A%D9%87%D8%A7-%C2%AB%D8%A7%D9%84%D8%A7%D9%88%D8%B1%D9%88%D8%A8%D8%A8%D8%A9%C2%BB\">Al Mal<\/a>.<\/p>\n<p><b>Finance Minister Mohamed Maait is expected to hold a presser today<\/b> to further explain the decision, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2018\/12\/1\/1471917\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%8A%D8%B9%D9%82%D8%AF-%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7-%D8%B5%D8%AD%D9%81%D9%8A-%D8%A7-%D8%BA%D8%AF-%D8%A7-%D9%84%D8%B4%D8%B1%D8%AD-%D8%A3%D8%B3%D8%A8%D8%A7%D8%A8-%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%AC%D9%85%D8%B1%D9%83%D9%8A#sectionListing\">according to Masrawy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports including tobacco and cosmetics. The move is effective for at least one month starting 1 December, the Finance Ministry said in a statement (pdf). The rate for these goods will now be determined by the CBE\u2019s average exchange rate from the [&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":[8572],"tags":[309,72,1666,2380,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604358","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-customs","tag-enterpriseam","tag-exchange-rate","tag-speed-round","tag-trade","wpautop","entry"],"acf":{"mongo_id":"75e45213-bf45-47d9-b986-79ee97f6dbde","order":"0","is_powered_by":true,"section_story_id":"88ef3af6-d062-4512-8ed1-bcaabc8b4f78","story_type":"1","photo_url":"","photo_position":"above","related_issue":[604347],"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>Egypt scraps discounted customs exchange rate on \u201cluxury\u201d imports - 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\/2018\/12\/02\/egypt-scraps-discounted-customs-exchange-rate-on-luxury-imports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt scraps discounted customs exchange rate on \u201cluxury\u201d imports\" \/>\n<meta property=\"og:description\" content=\"Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports including tobacco and cosmetics. 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The EGP hit fresh two-year highs against the greenback last week, breaking the EGP\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":[]},{"id":598696,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/egypts-customs-exchange-rate-remains-unchanged-despite-strengthening-egp\/","url_meta":{"origin":604358,"position":1},"title":"Egypt\u2019s customs exchange rate remains unchanged despite strengthening EGP","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"Customs exchange rate left unchanged despite strengthening EGP: The Finance Ministry left the discounted customs exchange rate for essential imports unchanged at EGP 16 for June despite the recent uptick of the EGP against the USD, according to a Customs Authority circular (pdf). An anonymous government official told Youm7 last\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":[]},{"id":596603,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egypts-customs-exchange-rate-remains-unchanged\/","url_meta":{"origin":604358,"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 &quot;Egypt Politics + Economics&quot;","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":604358,"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. The\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":[]},{"id":594638,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/floating-customs-exchange-rate-could-raise-inflation-analysts\/","url_meta":{"origin":604358,"position":4},"title":"Floating customs exchange rate could raise inflation -analysts","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"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\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":599519,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/central-bank-of-egypt-leaves-interest-rates-unchanged-at-final-mpc-meeting-of-2018\/","url_meta":{"origin":604358,"position":5},"title":"Central Bank of Egypt leaves interest rates unchanged at final MPC meeting of 2018","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"The Central Bank of Egypt left key interest rates on hold last Thursday, citing global monetary policy tightening, trade wars and volatility in the oil market. The bank\u2019s monetary policy committee left the overnight deposit and lending rates at 16.75% and 17.75%, respectively, and also left on hold its main\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\/604358","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=604358"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604358\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604347"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604358"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604358"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}