Egypt .. customs dollar reaches the highest price in the history of the country for the first time

The Ministry of Finance of Egypt has decided to raise the price of the customs dollar in Egypt, used in import operations in the local market, to 19.31 pounds.

At this value, the dollar becomes the highest dollar customs price in Egypt’s history, exceeding the price used in 2016.

This price will apply in import transactions from today, Thursday 8 September 2022.

With the last movement of the customs price in dollars on August 11, when it was about 19.19 pounds sterling, engineer Matti Bishay, head of the domestic trade committee of the importers department of the General Federation of Chambers of Commerce, said that the continued rise in the price of the customs dollar and the suspension of documentary letters of credit for importers caused a significant increase in goods.

Beshai explained that the rise in the customs dollar causes a significant increase in various proportions in the prices of imported goods, noting that the customs dollar expresses the price of the dollar against the pound, which the customs authorities use to determine the value of imported goods in order to calculate customs duties based on this.

He pointed out that so far only the rate of growth in prices for goods after the increase in the exchange rate of the dollar in banks and the customs dollar without paying customs duties on goods has reached 30% since the beginning of the dollar price movement in March last year.

Source: Cairo 24

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