The Ministry of Finance decided to maintain the price of the US dollar used at customs at EGP 18.5 until the end of February, applicable to all imports.
Magdy Abdel Aziz, head of the Egyptian Customs Authority, said that the new price will be effective on Tuesday at all ports.
He pointed out that the new price is considered fair according to the price of the US dollar at banks.
Minister of Finance Amr El-Garhy had said on Sunday that the price of the customs US dollar will be fixed starting February.
Head of the Importers Section at the Cairo Chamber of Commerce Ahmed Sheha said that the decision will not reduce the prices. “EGP 18.5 is above average, as some banks sell dollars at EGP 18.30,” he added.
Sheha pointed out that import sessions take 3-4 months from the date of contract, noting that a number of importers stopped imports a year ago since the Minister of Industry and Trade passed decision No. 43 of 2015 regarding licensing factories.
He explained that a fair price for the US dollar would be EGP 10 to lower costs burdening companies and factories owners.
Customs US dollar is the price on which tariff and taxes imposed on imports are calculated. The price changes on daily basis, according to the price at the Central Bank of Egypt.
Companies and importers have called on the government to keep the price fixed to overcome the volatility in prices on imports.