EGYPT - Import Control
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- Published on Monday, 01 January 2018 17:19
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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.
More details: www.reuters.com/article/egypt-imports-idUSL8N14B1P720151222
(Reporting by Asma Alsharif and Ehab Farouk, editing by Louise Heavens)