Egypt’s companies to repay debts in installments, at fixed exchange rate
The decision aims to deter companies and factories from declaring bankruptcy because of their debts resulting from the volatility of the exchange rate between Egyptian pound and foreign currencies, the reports revealed. Accordingly, the banking sector will allocate EGP 10 billion with a 12% interest rate to lend to companies whose revenue is below EGP 1 billion per year and another EGP 10 billion with the same rate to industrial developers.
Egyptian companies are complaining that they are facing bankruptcy because they are asked to repay bank loans at the latest exchange rate even if they make their sales with the old exchange rate.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- African PP, PE markets extend gains into Sept on tightness
- European PS follows SM lower in Sept, ABS flat on tightness
- Turkey PP, PE markets propelled higher by shipping bottlenecks in Sept
- Are record-high PVC prices the new normal amid enduring pandemic?
- European PVC up for 16th month in Sept, prices touch new highs
- Egypt’s PP, PE markets rise on tightness in September
- Logistics snarls propel import PP, PE offers higher in Europe
- Import PVC prices near all-time highs in India, disparity with China/SEA grows
- PP, PE supplies rise in China; demand lags behind expectations despite peak season
- Stats: China’s July PE imports increase after 3 months of declines