CAIRO - March 13, 2024: The Egyptian Customs has reported the release of goods valued at $1.7 billion in the initial 10 days of March, as disclosed by the Ministry of Finance on Wednesday.
Finance Minister Mohamed Maait stated, "Over the past 10 days in March, there has been a notable uptick in the release rates of essential goods and directly supportive production necessities for the industry."
He added, "We are collaborating with all government bodies to accelerate the immediate release of goods and commodities at various ports."
Maait highlighted ongoing coordination between customs and representatives of relevant authorities, including the General Authority for Export and Import Control, the National Food Safety Authority, Agricultural Quarantine, and Health Quarantine, among other inspection bodies.
The Finance Minister underscored that the primary focus is consistently on essential and food commodities, pharmaceuticals, fodder, and directly supportive production requirements for the industry.
In an interview with Asharq Bloomberg, Shahat Ghatouri, Head of Egyptian Customs Authority, disclosed that on March 7 and 8, the Egyptian Customs authorized the release of commodities from Egypt's ports worth $780 million. The breakdown included $280 million on Thursday, March 7, and $500 million on Friday, March 8.
Ghatouri also revealed that the cumulative value of goods currently held in Egyptian ports, including petroleum products, is approximately $6 billion. During his visit to Alexandria Port, he mentioned that the total value of goods released from Egypt's ports since the beginning of January has exceeded $12 billion.
In a recent press conference at Alexandria Port, Prime Minister Mostafa Madbouly assured the public that the Central Bank of Egypt (CBE) would be capable of meeting future dollar demands. This statement was aimed at allaying concerns and restoring confidence in the Egyptian economy.
Madbouly emphasized the government's commitment to securing foreign currency, with a priority given to vital sectors such as food, medicine, fodder, petroleum products, raw materials, and industrial production requirements.
