Egypt releases commodities from ports worth $1.7 bln in 10 days: Finance minister

Doaa A.Moneim , Wednesday 13 Mar 2024

The value of the commodities released over the past 10 days from ports amounted to $1.7 billion, Egypt’s Minister of Finance Mohamed Maait stated on Wednesday.

Damietta port
Ship at Egypt's Damietta port. Official website


Maait noted that this comes in line with the government's objective to increase the supply of goods in the market, thus helping to achieve price stability.

“In the implementation of the presidential directives to expedite the immediate release of goods at various ports, the past 10 days have witnessed an increase in the rates of releasing essential goods,” said Maait.

The minister stated that the government is working with all state entities to expedite the immediate release of goods and commodities at various ports. He added that there is ongoing coordination between customs officials and representatives of relevant authorities, including the General Organization for Export and Import Control, the General Authority for Food Safety, the Agricultural Quarantine, the Health Quarantine, and other inspection bodies.

Priority is given to essential goods, foodstuffs, medicines, feed, and directly supportive production supplies for the industry, he noted.

Shahat Ghatory, head of the Egyptian Customs Authority, said the newly introduced electronic systems greatly assist in accelerating the customs clearance process for goods and their access to local markets and production units.

He emphasised that the authority is working around the clock at customs outlets with various relevant authorities to ensure the speedy completion of procedures for the immediate release of goods.

The government has taken several actions since February to provide US dollar liquidity in the local market. The aim was to release the stockpiled goods in ports, and hence keep price stability in the market amid an elevating inflation.

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