Full financing by Egyptian Banks clears accumulated goods at Egypt's Ports

CAIRO – 24 March 2024: Egyptian banks have successfully provided full financial support to cover all pending import requests for essential commodities at Egypt's ports, effectively eliminating the lengthy waiting list, according to Egyptian bankers speaking to Asharq Bloomberg. 

 

This has resulted in the prompt release of goods, particularly food commodities, medicines, feed, and production necessities. 

 

The Head of the Egyptian Customs Authority, El Shahat Ghatouri, recently informed Asharq Bloomberg that Egypt has cleared goods valued at over $14.5 billion from January until the previous week's end. 

 

As of March, the accumulated value of goods at Egyptian ports, including petroleum products, stands at approximately $6 billion, Ghatouri added.

 

Prime Minister Mostafa Madbouly previously announced that Egypt has released a significant portion of the accumulated goods, amounting to $3 billion, in the past few days across various ports. 

 

An official from a private bank in Egypt anticipates that the Central Bank of Egypt ( CBE) will soon issue a decision to finance the release of 13 luxury goods due to the increased availability of foreign currency in the banks. 

 

In earlier developments, the Monetary Policy Committee (MPC) of the CBE raised the overnight deposit rate, overnight lending rate, and main operation rate by 600 basis points, reaching 27.25 percent, 28.25 percent, and 27.75 percent respectively. Additionally, the discount rate was increased by 600 basis points to 27.75 percent.