Tuesday June 18th, 2024
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USD 9.5 Billion in Imported Goods Will Be Released From Egyptian Ports

USD 5 billions’ worth has already been released throughout December, with another USD 9.5 billion on the way.

Cairo Scene

USD 9.5 Billion in Imported Goods Will Be Released From Egyptian Ports

Local banks are currently assisting in securing the money required to pay for a backlog of imported goods worth USD 14.5 billion scattered over several ports across Egypt. 

Clearing the backlog will offer a possible end date for a commodity surplus that has fueled demand for US dollars on the underground market.

As a result of a letter of credit restriction imposed previously by the Central Bank of Egypt but which authorities have promised to shortly remove, items were piling up at ports and the backlog  - estimated to be worth over USD 14.5 billion - has had USD 5 billion’ worth cleared, with the other USD 9.5 billion currently in process.

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