Saturday May 18th, 2024
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USD 1.7 Billion Worth of Goods Accumulated in Ports Now Confiscated

The confiscation order was directed by Prime Minister Dr. Mostafa Madbouly.

Cairo Scene

USD 1.7 Billion Worth of Goods Accumulated in Ports Now Confiscated

Prime Minister Dr. Mostafa Madbouly has directed the Ministry of Finance to seize the accumulated goods in ports, valued at USD 1.7 billion, as part of efforts to resolve the issue of goods piling up and not being released due to currency management challenges.

During a press conference, the Prime Minister acknowledged that the government's previous issues with currency management had led to the problem of goods accumulation in ports. Importers faced difficulties in obtaining dollars, prompting the government to cancel time limits on waste and accumulated goods.

After arranging hard currency, the government and banks completed procedures for releasing goods worth around USD 4.5 billion. Of this amount, goods worth USD 2.8 billion have already been released. However, there are still goods worth USD 1.7 billion in the ports that have been sold, with the corresponding dollars stored in banks.

Importers, however, were hesitant to claim these goods, hoping for further drops in the dollar's value to maximise their profits. To address this situation, Prime Minister Madbouly has instructed the Ministry of Finance to confiscate these goods and restore proper implementation of regulations.

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