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Central Bank import regulations stifle access to key goods

Egyptian currency reaches five-year low of 18.71 to US dollar

Egypt’s currency dropped to 18.71 to the US dollar on Wednesday, a five-year low, before strengthening again. This level meant the pound was at its weakest since Feb. 2, 2017.

According to an article from reuters.com, Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up commodity import prices.

Central bank import regulations
Egyptian importers have been unable to obtain crop seeds for almost three months, putting many livelihoods and supply chains in danger as nearly 98 percent of the seeds used nationwide in agriculture are imported.

Crop seeds are among an array of commodities that have been rendered all but inaccessible as the consequence of a new set of import regulations rolled out abruptly beginning in February by the Central Bank of Egypt; regulations that resulted in the disruption of supply chains that connect foreign markets to industrial plants, farmers’ fields and hospitals across the country.

Source: madamasr.com

 

Photo source: Dreamstime.com 


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