Egyptian President Abdel Fatah al-Sisi (Archive)
CAIRO - 26 April 2017: President Abdel Fatah al-Sisi announced Tuesday that Egypt has halted exporting fish after exports caused a steep hike in fish prices in the local market.
“We were exporting 40,000 tons of fish annually, and this rose to 120,000 tons during the past three months,” said Sisi. “This is why we stopped exports”
The president’s comments came during his speech at the National Youth Conference in Ismailia Tuesday.
Sisi also noted the role liberating the local currency played in increasing fish exports. He did not say when the export ban went into effect or when it will be lifted.
The Egyptian government liberated the exchange rate last November as part of a series of painful economic reforms. The Egyptian pound lost nearly half its value against the dollar after the flotation, causing the prices of many products to increase – particularly exports – and driving a record 30 percent inflation rate during the first months of 2017.
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