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CAIRO - 28 December 2022: Large quantities of goods, merchandise, and production requirements that were withheld in Egyptian ports due to the lack of dollars, were released, Head of the Internal Trade Committee of the General Division of Importers, Matta Bishai, said.
Bishai added, in a press statement Wednesday, that the release of all production requirements is expected to be completed at the end of this week, provided that the release of all goods and merchandise stored in ports will be completed by the beginning of the new year.
He elaborated that the cabinet is working to implement the directives of President Abdel Fattah El-Sisi, to quickly release production requirements, basic commodities, and merchandise in the ports, which will result in a breakthrough in the markets, and the return of stability to the Egyptian market.
Bishai expected that the impact of the release of the seized goods and merchandise would appear at the beginning of next January, stressing that a large number of incoming mail recipients had already begun receiving their goods from the ports and pumping them into markets and factories.
“The government should grant more flexibility and facilities to importers who own goods released at ports, especially since they face a big problem, represented by the huge indebtedness that they have accumulated from floor fines due to their delay in releasing their goods, according to the timetable agreed upon with the shipping lines, where the fine ranges between 40 and 150 dollars for each container per day,” the head of the Internal Trade Committee of the General Division of Importers emphasized.
From the beginning of this month until the 23rd, Egypt succeeded in releasing about $5 billion worth of goods in the ports, while the value of the goods withheld now amounts to about $9.5 billion, according to statements by Prime Minister Mostafa Madbouli.
Recently, the government began arrangements for the release of all goods seized at the ports, estimated at about $9.5 billion.
According to the cabinet statement, the government meeting aimed to start arrangements for the release of all goods in the ports, respectively.
The official spokesman for the Presidency of the Cabinet, Nader Saad, estimated the volume of goods remaining in the ports at about $9.5 billion, including molding goods estimated at about $3.4 billion, indicating that the government, in cooperation with the banking sector, has developed a plan to release the remaining goods in the ports during the next short period.