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Egyptian government: dollar crisis on the way to a solution


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Egyptian cabinet spokesman Nader Saad said the dollar crisis was on the way to resolution and that “the numbers prove it.”

Saad added in a statement to Sada al-Balad that the government and the Central Bank did not have dollar resources, and pointed out that “the ability of the banking sector to cope with the current situation has contributed to the release of goods worth more than 6 billion dollars.”

He added: “In the past period, there has been a significant breakthrough in the exit of goods from the ports, which had a positive effect and increased supply in the markets”, and that “the government is striving in the coming periods to return prices to the level that they were before the month of Ramadan and to ensure all foodstuffs.”

He said that $8.5 billion worth of goods are in the ports and that $3.4 billion worth of goods will be released in the coming period.

He stressed that “no penalties associated with the customs release of goods will be collected” and indicated that goods damaged in ports will be released as soon as their owners apply for release.

Source: Cairo 24

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