Member of the Garment Division: The liberalization of the exchange rate positively affects exports

Walid Nadim, a member of the Chamber of Readymade Garments Industry, confirmed that the Central Bank’s decisions today regarding the liberalization of the exchange rate will positively affect Egypt’s exports, especially as the external importer is looking for the appropriate price for it, and any currency devaluation leads to an increase in exports.

Walid Nadim added in his statements today, Thursday, that the decision to reduce the work of documentary credits in preparation for their cancellation within two months is a supportive step for the export industrial sector, and also contributes to providing raw materials and production machines for the industry, which makes the production wheel return strongly.

Regarding the fluctuation in dollar prices and their rise to levels close to 23 pounds, he stressed that the market will absorb this increase within two weeks, so that dollar prices will return to settle near levels ranging between 22 to 22.5 pounds and the exchange markets will stabilize significantly, and what happened today in the exchange rates is normal and the bank Through this step, the Central Bank succeeded in keeping pace with the real prices of the dollar.

He stressed that the state is taking steps that will restore discipline to the industrial market after it was negatively affected by the work of documentary credits since March 2022 and the abolition of import restrictions is a step that contributes to providing products and raw materials that are imported from abroad and necessary for the work of factories.

He also stressed that increasing the exemption limit for imports to $500,000 instead of $5,000 is a step that contributes to accelerating the release of goods crowded at ports, pointing out that the government is seeking to deepen local industrialization and create real opportunities for medium, small and micro companies by providing dollar funds to import imports. Raw materials and production lines.

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