Ahmed al-Wakil, head of the General Union of Chambers of Commerce, said foreign companies operating in Egypt are unable to transfer their 2014 profits outside the country due to the decisions taken by the Central Bank in February regarding foreign currency exchange policies.
He said the new Central Bank governor, Tarek Amer, should review those decisions for importers to be able to import goods and pay off their foreign debts.
“He should restore confidence in the Egyptian trade market,” he said, adding that the union sent to President Abdel Fattah al-Sisi a memorandum with the problems facing industry, trade and investment resulting from monetary policies.
The union’s import division estimated the cost of goods that has not yet been paid to suppliers at US$5 billion.
Division Manager Hamdi al-Nagar said he is sending a memorandum to Amer, criticizing the previous and current governments for failing to attract foreign investments.
He called for easing the burden on investors by reducing fees and fines of raw material and finished good imports.
Edited translation from Al-Masry Al-Youm
