The Egyptian parliament approved Tuesday a presidential decree issued in late January that will raise customs tariffs imposed on more than 600 imported goods to between 20 and 40 percent up from previous 10 and 30 percent, Al-Ahram daily reported Wednesday.
The decree, No 25 of 2016-which includes imported goods such as household appliances, cosmetics, garments, footwear, nuts and pet foods-aims at protecting national industries and stopping the draining of foreign currency in Egypt.
Egypt has been facing a foreign currency crunch following years of instability after the 2011 uprising ousted Hosni Mubarak from power. Weak FX receipts from tourism, workers' remittances, foreign investment, the Suez Canal, and other exports have contributed to the currency shortage.
CBE Governor Tarek Amer said in January that the government is aiming to reduce imports by $20 billion to $60 billion in 2016, down from $80 billion in 2015.
According to Al-Ahram, the people’s assembly also approved the last year’s tax hike on airplane tickets to EGP 150 from EGP 100 for economy class and to EGP 400 from EGP 300 for business and first class, representing around a one percent increase on the average ticket price.