IMPORTED GOODS WORTH USD 11.5 BILLION WILL BE RELEASED FROM EGYPTIAN PORTS
Currently, local banks are helping to get the funds needed to pay for a backlog of imported products totaling USD 11.5 billion that are dispersed among different ports in Egypt.
A plausible end date for a commodity excess that has spurred demand for US dollars on the black market will be provided by clearing the backlog.
Items were piling up at ports as a result of a letter of credit restriction that the Central Bank of Egypt had previously imposed but that the authorities have promised to remove soon. The backlog is estimated to be worth over USD 14.5 billion and has already seen USD 3 billion cleared, with USD 2 billion in the process and USD 9.5 billion to be released.
