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Egypt’s Central Bank to tighten import regulations

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/12/2015 (16:22)
According to media sources, Egypt’s Central Bank is mulling over tightening import regulations starting from January in an attempt to support local manufacturing as well as preserving the country’s dwindling foreign currency reserves.

In statement made by the Bank this week, it was highlighted that the Central Bank aims to promote local products and the national economy by raising their competitiveness against imported goods. The import regulations, however, will exclude imports of medicine, food, and other essential goods such as wheat.

According to market sources, Egyptian manufacturers were complaining about importers putting artificially low values on customs bills in order to avoid duties, which is a widespread practice that makes it difficult for local products to compete on price levels.
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