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Egypt announces end of dollar crisis for importers

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Egyptian cabinet spokesman Nader Saad said there is no longer a crisis in supplying importers with dollars.

He noted that the banking sector provides everything that importers need in accordance with the priorities that we have set in the necessary goods during this period.

Saad pointed out in a phone call to Al-Khayat on Saturday evening that despite the crises we face, the economic plan put in place by the Central Bank and the government to address imbalances with the International Monetary Fund has begun to bear fruit.

He indicated that the stockpiling issue had been resolved, saying: “There are still goods in the ports, but this amount is equal to the physical amount that was available in pre-crisis periods,” indicating that the releases will significantly contribute to a gradual reduction in prices.

He touched upon the fact that some factories have a stock of raw materials for one or two months, and this is a good indicator compared to the time of crisis.

He noted that an abundant supply of raw materials will allow the plants to operate at full capacity and thus reduce operating costs.

Source: Al-Shoruk

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