Egyptian Ports Release Essential Goods Worth USD 300 Million
Egyptian ports have increasingly withheld goods since the beginning of the Russian invasion of Ukraine.
A variety of essential goods worth USD 300 million were released from Egyptian ports, after previously being held due to a shortage of foreign currency. The released essential goods include cooking oil, basic commodities such as meat and legumes, and animal and livestock feed.
According to Prime Minister Mostafa Madbouly, both the government and the Central Bank of Egypt are coordinating the release of more essential commodities from Egyptian ports soon, with a priority given to food especially ahead of the holy month of Ramadan in March 2023, when the demand for food items traditionally rises. Egyptian ports have increasingly withheld goods since the beginning of the Russian invasion of Ukraine, which has had global economic repercussions affecting foreign reserves across the country.
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