Egypt Releases $23 Bln Worth of Imported Goods Since January

Egypt Releases $23 Bln Worth of Imported Goods Since January

Egypt has released $23 billion worth of imported goods, merchandise and products from the country’s ports and customs since January, announced Minister of Finance Mohamed Maait on Monday.

Speaking at a press conference, Maait emphasized that the acceleration of the customs release process prioritized basic commodities, food manufacturing products, and pharmaceuticals.

Egypt is also aiming to maintain the full operation of its production wheel and reduce importers’ burden by reducing fines and providing basic commodities to its citizens, he added.

The average monthly release of goods at customs outlets is valued at $5 billion, according to the finance minister.

“We are committed to achieving targets to reduce customs clearance time, decrease the costs of import and export procedures, and encourage investment by developing the customs system in accordance with the latest global standards, while protecting the domestic market from substandard goods that do not comply with specifications,” confirmed Maait.

Egypt is facing a shortage of foreign currency due to the high cost of imported goods and is experiencing a record-high inflation rate as the value of its national currency has been lowered more than once.

The ministry of finance also supports state efforts to secure a sustainable reserve of basic and food commodities for a six-month