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President of the Federation of Industries: No goods currently being held in the ports of Egypt

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President of the Federation of Industries: No goods currently being held in the ports of Egypt



November 17, 2015 0

Our economy / Cairo

Mohammed Al Suwaidi, Chairman of the Federation of Egyptian Industries, said there was no any goods being held in Egyptian ports are currently due to lack of foreign currency, adding that his country will adopt specific criteria for the import of a new system of export subsidies by the end of 2015.

He said the Swedish "The central bank has provided during the past two weeks to $ 1.8 billion for the exit of goods (from ports) and one billion dollars worth of the package within the $ 4 billion to meet 25 percent of the dollar audits cover overdrafts with banks.

"All the goods seized came out of the ports currently there are no complaints definitively."

And Egypt to rely too heavily dependent on imports of food and energy, it has come under pressure to devalue the pound with the booming black market to the dollar and allowed a gradual reduction of the value of the local currency boat 11 percent this year.

In February the central bank imposed restrictions capitalism strict and select a ceiling for dollar deposits in Egyptian banks at 50 thousand dollars a month in an effort to absorb liquidity from the black market.

These restrictions have created difficulties for companies to open letters of credit and pay for imports, which accumulated in ports.

The central bank surprised markets on Thursday to raise the price of the pound to the banks 20 piasters to 7.7301 pounds to the dollar and up to 7.83 pounds to the public.

Al Suwaidi said that the new Central Bank Governor Tarek Amer confirmed that he will follow the monetary policy to ensure market regulation and not choke sector and discourage manufacturers from pursuing illegal ways in the management needs of the dollar

It is scheduled to take Amer issued a presidential decree appointed central bank governor, replacing Hisham Ramez his duties officially on November 27.

Al Suwaidi pointed out that the export subsidies in the country of 3.7 billion pounds in the current year 2015-2016 and will increase next fiscal year to five billion pounds.

"Before the end of this year there will be a new system to support exports. How long we will continue to support the goods you no longer need to support it again. There must be a preference between the goods. "

Egypt was the development of reduced export subsidies by about 500 million pounds in the 2014-2015 fiscal year to 2.6 billion pounds, the government attributed the reduction of the time to support the economic conditions experienced by the country before it submits to 3.7 billion pounds in the current fiscal year.

The Egyptian non-petroleum exports fell 19 percent during the first nine months of 2015 to reach 13.884 billion dollars against 17.2 billion a year ago.

But the Minister of Trade and Industry, the Egyptian Tarek Cain said earlier this month that his country aimed at halting the decline in exports to the outside end of this year that raises between 9 to 10 percent annually until 2020.

Swedish predicted that the industrial growth rate in the country due to the "nine percent in the first quarter of 2016 after reaching during the first nine months of this year was 0.2 percent, down from nine percent in the first nine months of 2014."

Egypt's economy is facing difficulties in light of slower growth after nearly five years of political turmoil. The government expects growth of about five percent in the current fiscal year compared to estimates growth of 4.2 percent in 2014 to 2015, which ended on 30 June.

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