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EGYPT - Import Control

Egypt's central bank tightens import controls to boost local production

Cairo, 22 Dec.2015

Egypt's central bank will tighten import regulations from January in a bid to support local manufacturing and better preserve its dwindling foreign currency reserves.Egypt, which depends on imports, has faced a currency crisis since a 2011 uprising drove foreign investors and tourists away. Hard currency reserves have more than halved $16.4 billion since then.

The decision excludes imports of medicine, foods, and other essential goods such as wheat.


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(Reporting by Asma Alsharif and Ehab Farouk, editing by Louise Heavens)