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.
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.