New strike paralyzes black market in Egypt

Wafi Abu Samra, member of the Board of Directors of the Electrical Appliances Division of the Giza Chamber of Commerce in Egypt, said the procedures and policies adopted by the Egyptian Central Bank have paralyzed the black market.

In a statement today, he added that the way the government, led by the Central Bank of Egypt, has handled the data of the current crisis has had a great positive impact in spreading a spirit of optimism among traders and in the markets, in addition to the ability of these measures to control black market inflation, which is always appears in crises, rejecting any justification for operating the black market in order to obtain hard currency.

Abu Samra noted that the stability of the exchange rate in Egyptian banks has allowed the elimination of the black market in the current period, and currency trading in parallel markets has almost completely stopped working with the collapse in demand for hard currency from the private sector. , attributing credit for this to Smart’s policies, followed by the Central Bank of Egypt.

He pointed out that the provision of dollars to importers and investors in Egyptian banks had paralyzed the black market for dollars, and black market operations had almost completely stopped, especially in light of the actions of the Ministry of the Interior to combat speculators. and foreign exchange dealers.

He explained that the success of government measures and the rapid release of goods in Egyptian ports will completely eliminate the phenomenon of dollarization, noting that economic measures and reforms will stimulate foreign investment in Egypt and help support Egyptian exports at $100 billion.

A member of the Board of Directors of the Electrical Appliances Division of the Giza Chamber of Commerce continued: “The failure of the Central Bank of Egypt to change the exchange rate has had a positive impact on the stability of the markets, with more stability expected over the coming period, especially after the government’s decision to release stacked goods and production requirements.” with the Egyptian customs and ports which caused a great boom in the manufacturing wheel.

He stressed that the decision of the central bank to abolish the system of documentary letters of credit and return collection documents for all import transactions will open the door again for the return of the production wheel and will help improve the ability of factories to meet production needs. and intermediate goods in a simpler and cheaper way, leading to a gradual stabilization of prices.

He underlined the need to simplify import procedures, especially since manufacturing needs and intermediate goods account for about 65% of Egyptian imports from abroad, while praising the state’s success in combating the black market in dollar trade that is hurting the national economy.

The Egyptian government announced the release of goods worth about $4.8 billion between January 14 and 17, 2023.

Source: at home