Central Bank Governor Tarek Amer, who begins his term on November 27, promised businessmen that he would review all restrictions on foreign currency deposits and solve the problem of the goods that are booked at customs, especially food products and medicines, because importers cannot find foreign currencies to pay their cost to suppliers abroad.
Sources said Amer met Wednesday with Mohamed al-Suwaidi, chairman of the Federation of Industries, and discussed the reasons behind the decline in exports.
Suwaidi said the meeting was held at Amer’s request. “He promised to provide hard currency to the industrial sector,” he said.
Hisham Ramez, the former Central Bank governor, had input a ceiling for foreign currency bank deposits of no more than US$10,000 per day or $50,000 per month in an attempt to constrain the black market, which angered importers.
Egyptian exports fell by 28 percent in the last eight months due to a shortage in foreign currency.
Suwaidi told Amer that producers are unable to import raw materials and had to close their factories down. He also asked him for measures to ensure that imports are up to standard specifications and commensurate with indicative prices.
Edited translation from Al-Masry Al-Youm
