Egypt ends discounted customs exchange rates for certain imports
by ChemOrbis Editorial Team - content@chemorbis.com
According to an official statement published by the country’s Ministry of Finance, Egypt ended its discounted customs exchange rate policy for imports of non-essential goods on December 1.
The monthly fixed customs exchange rate of EGP16 for non-essential imports will be set in accordance with the average exchange rate listed by the central bank while the rate for strategic and essential goods will remain at EGP16.
The Ministry’s move is expected to raise around EGP2-2.5 billion ($111.6-139.5 million), media sources reported.
The list of non-essential goods includes 400 products, such as mobile phones, computers, as well as cars and motorbikes that are locally manufactured or assembled.
Egypt began setting a discounted customs exchange rate in January 2017, after the country floated its currency in a move that reduced its value by almost 50% against the US dollar in 2016.
The monthly fixed customs exchange rate of EGP16 for non-essential imports will be set in accordance with the average exchange rate listed by the central bank while the rate for strategic and essential goods will remain at EGP16.
The Ministry’s move is expected to raise around EGP2-2.5 billion ($111.6-139.5 million), media sources reported.
The list of non-essential goods includes 400 products, such as mobile phones, computers, as well as cars and motorbikes that are locally manufactured or assembled.
Egypt began setting a discounted customs exchange rate in January 2017, after the country floated its currency in a move that reduced its value by almost 50% against the US dollar in 2016.
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