{"id":616687,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/govt-ramps-up-efforts-to-clear-import-backlog-following-currency-float\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"govt-ramps-up-efforts-to-clear-import-backlog-following-currency-float","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/govt-ramps-up-efforts-to-clear-import-backlog-following-currency-float\/","title":{"rendered":"Gov\u2019t ramps up efforts to clear import backlog following currency float"},"content":{"rendered":"

Import backlogs soon to be a thing of the past?<\/strong> The government signaled that it has the will and the ability to clear the backlog of goods in ports stemming from the FX shortage through a visit to Alexandria Port by Prime Minister Moustafa Madbouly on Thursday to oversee the release of goods and to make a televised address to the press (watch, runtime: 17:38<\/a>). <\/p>\n

By the numbers: <\/strong>Madbouly announced<\/a> that USD 231 mn worth of strategic commodities \u2014 excluding gold and oil products \u2014 and some USD 464 mn worth of production materials were released between 1-6 March. Over USD 12 bn worth of goods had been released since 1 January, Egyptian Customs Authority (ECA) head El Shahat Ghatwary said<\/a>. <\/p>\n

Strategic commodities and production inputs are priority number one: <\/strong>Food, medicine, animal feed, oil products, raw materials, and production requirements are at the top of the list when it comes to making FX available to speed up the release of goods, Madbouly said. Providing FX to release finished products and consumer goods will be at the bottom of the state\u2019s list of priorities, Madouly added, emphasizing the \u201cthe necessity of deepening local industrialization, and the importance of replacing imported products with locally manufactured products.\u201d<\/p>\n

ICYMI- <\/strong>An influx of FX from the Ras El Hekma agreement spurred a presidential directive<\/a> early last week to \u201cimmediately release goods from Egyptian ports.\u201d Meanwhile, banks exchanged around USD 1.9 bn via the interbank market over a two-day period following the currency float on Wednesday (We have the full story in the news well, above). <\/p>\n

Egypt declares \u201cwar\u201d on the black market: <\/strong>The Interior Ministry and security agencies have been told to clamp down on the parallel market and informal transactions with an \u201ciron fist,\u201d Madbouly said at the presser. He described efforts to unify the exchange rate \u201cas by all accounts a war \u2014 a war to ensure and restore balance once again to the Egyptian economy\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

USD 12 bn of goods have been released since the start of 2024<\/p>\n","protected":false},"author":1,"featured_media":616688,"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":[7206],"tags":[317,309,664,104,72,2234,281],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-commodities","tag-customs","tag-customs-authority","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-moustafa-madbouly","wpautop","entry"],"acf":{"mongo_id":"3243fcc0-a489-43a0-ad11-2a879a054e1e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/721.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt ramps up efforts to clear import backlog following currency float","related_issue":[616674],"teaser":"USD 12 bn of goods have been released since the start of 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.f8567bb2-b6ba-4517-a34f-36db57a63b2e.mp3"},"yoast_head":"\nGov\u2019t ramps up efforts to clear import backlog following currency float - 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\/2024\/03\/10\/govt-ramps-up-efforts-to-clear-import-backlog-following-currency-float\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t ramps up efforts to clear import backlog following currency float\" \/>\n<meta property=\"og:description\" content=\"USD 12 bn of goods have been released since 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admin","date":"19 January 2023","format":false,"excerpt":"Prime Minister Moustafa Madbouly has good news for manufacturers and growers: In a press conference following yesterday\u2019s weekly cabinet meeting, the PM announced the approval of new 11% subsidized loans for industry and agriculture as well as a 40% y-o-y increase in the price the state will pay local farmers\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/326.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578401,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/last-nights-talk-shows-banks-to-secure-fx-to-clear-import-backlog-within-4-days-says-el-sisi\/","url_meta":{"origin":616687,"position":1},"title":"Last Night\u2019s Talk Shows: Banks to secure FX to clear import backlog within 4 days, says El Sisi","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"It was another econ-heavy night on the airwaves, this time centered on President Abdel Fattah El Sisi\u2019s speech during a factory inauguration ceremony in Abu Rawash and his promise to help clear our backlogged ports soon.Banks to secure FX for letters of credit to help clear import backlogs? El Sisi\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\/2022\/12\/550.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580410,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-evening-el-sisi-signals-banks-will-secure-fx-for-l-cs-before-the-year-is-out-welcome-to-the-christmas-slowdown\/","url_meta":{"origin":616687,"position":2},"title":"THIS EVENING: El Sisi signals banks will secure FX for L\/Cs before the year is out + Welcome to the Christmas slowdown","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Happy Monday, ladies and gents. We\u2019re in that final stretch before we wave goodbye to the new year \u2014 and we\u2019re cautiously going to say the end-of-year news slowdown may finally be making an appearance.THE BIG STORY TODAY Banks to secure FX for letters of credit to help clear import\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/783.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578471,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/importers-can-now-turn-the-page-on-l-cs\/","url_meta":{"origin":616687,"position":3},"title":"Importers can now turn the page on L\/Cs","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"Moves on import curbs + privatization: Egyptian authorities removed import restrictions and approved the state ownership policy document on Thursday, helping fulfill pledges made to secure vital funds from the IMF. The government had committed to reducing state involvement in the economy and canceling the requirement for importers to use\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\/2023\/1\/4.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617195,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/govt-on-the-lookout-for-a-firm-to-take-over-gregy-prep-plus-news-from-raya-it-madbouly\/","url_meta":{"origin":616687,"position":4},"title":"Gov\u2019t on the lookout for a firm to take over GREGY prep. PLUS: News from Raya IT, Madbouly","author":"enterpriseam admin","date":"18 March 2024","format":false,"excerpt":"It remains unclear how much the project will cost but the EU will fund the project through grants","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1495.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578309,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/govt-discusses-imports-support-measures-as-it-prepares-to-lift-curbs\/","url_meta":{"origin":616687,"position":5},"title":"Gov\u2019t discusses imports, support measures as it prepares to lift curbs","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Getting imported goods into the country: That was the subject of a meeting yesterday between Prime Minister Moustafa Madbouly, Central Bank of Egypt chief Hassan Abdalla, the finance and trade ministers, and the head of the Customs Authority, according to a statement released by the cabinet following the discussion.Why this\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\/2022\/12\/481.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616687","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=616687"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616687\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616688"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616687"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616687"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}