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Egyptian players evaluate new fixed dollar rates for customs

by ChemOrbis Editorial Team -
  • 25/01/2017 (16:00)
In Egypt, several players started to share their opinions regarding the Finance Ministry’s new practice to fix the customs dollar exchange rate on a monthly basis in order to protect importers amidst the fluctuating exchange rates.

For a while, Egyptian importers have been struggling with high exchange rates as they complain about not being able to calculate their costs and their end- product prices given the unstable rates. Meanwhile, ongoing trading barriers including hard currency shortage and the problematic opening of LCs at banks also hinder the trading activities in the import market.

A trader commented that fixing the exchange rate for the customs will positively impact the market as players will be more capable of calculating their costs and minimizing the import risks.

However, a manufacturer said that fixing customs exchange rates will not impact the plastics market much as many products like US PVC are exempt from customs.

Another trader also made similar comments, pointing out the dollar shortage in the country. “Demand towards the imported cargoes remains disappointing. Fixing the exchange rate for the customs has not solved the problem as banks are unable to meet the market’s needs and players have to return to the black market’s higher rates to secure their currency needs.”
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