CAIRO - 18 March 2024: The customs clearance process for goods and merchandise is making significant progress, with the Central Bank of Egypt (CBE) ensuring the timely provision of the necessary hard currency.
This update was shared during a meeting between the CBE governor, Hassan Abdalla, and Prime Minister, Moustafa Madbouly, where they discussed the outcomes of recent economic decisions and their impact on the markets.
These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.
During the meeting, it was observed that both the banking sector and currency exchange offices are witnessing a growing demand from individuals who hold dollars, seeking to convert them into the Egyptian pound.
Furthermore, it was noted that the remittance rates from Egyptians residing abroad are gradually returning to normal levels.
Goldman Sachs recently projected that Egyptians' remittances abroad will rise to nearly $30 billion by the end of 2027.
Additionally, bankers informed Asharq Bloomberg in March that the total sales of hard currency by individuals at government exchange companies in Egypt reached $20 million within a span of six days.
Earlier in March, Prime Minister Madbouly announced that Egypt successfully cleared a substantial amount of accumulated goods at various ports, totaling $3 billion over the past few days.
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