Egypt's decision to adjust customs' duties on luxury goods to benefit economy
Minister of Finance Mohamed Maait
Cairo - MENA
The Egyptian Ministry of Finance’s decision to adjust the customs dollar exchange rate for non-essential goods, tying it to the Central Bank of Egypt (CBE)’s dollar exchange rate will benefit the Egyptian economy as a whole, said the head of the International Monetary Fund (IMF)’s mission to Egypt Subir Lall.
Lall told MENA on Friday that the decision will help improve the efficiency of resource allocation, including the foreign direct investment.
The decision’s impact on inflation rates will be once and will be limited, he said, noting that the decision marks an important progress.
The previous customs practices, such as conducting transactions at fewer exchange rates included an unnecessary implicit subsidy, he clarified.
Minister of Finance Mohamed Maait decided last week to keep the customs dollar exchange rate for essential commodities unchanged at EGP 16 until the end of December.
The decision also adjusted the customs dollar exchange rate for non-essential and luxury goods to be determined as per the dollar exchange rate set by the CBE.
- Wednesday ,05 December GMT 21:03 2018 Bahrain's economic delegation concludes successful India visit
- Thursday ,29 November GMT 20:20 2018 Japan funds project to enhance water quality project in Palestinian town
- Wednesday ,28 November GMT 09:50 2018 Egypt, Saudi Arabia to strengthen economic ties in coming phase
GMT 19:07 2018 Friday ,14 December
Lebanese PM flags up Saudi investment potential, financial tiesGMT 21:16 2018 Thursday ,13 December
Egypt, Algeria sign MoU to increase trade exchangeGMT 21:03 2018 Wednesday ,05 December
Bahrain's economic delegation concludes successful India visitGMT 10:58 2018 Sunday ,02 December
Egypt’s total public investments record EGP 72 bln in Q1GMT 14:23 2018 Friday ,30 November
Saudi Arabia pledges $50 million to UNRWAGMT 20:20 2018 Thursday ,29 November
Japan funds project to enhance water quality project in Palestinian townGMT 09:50 2018 Wednesday ,28 November
Egypt, Saudi Arabia to strengthen economic ties in coming phaseGMT 12:33 2018 Tuesday ,27 November
Egypt's imports of poultry, sugar drop over past 10 monthsRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 09:43 2019 Monday ,19 August
Live a calm atmosphere in your career
GMT 02:02 2017 Wednesday ,03 May
Solar energy plans discussed
GMT 11:46 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bn
GMT 05:07 2017 Saturday ,04 March
Kardashian's husband Kanye suffered mental breakdown
GMT 13:53 2018 Tuesday ,04 September
Bahrain-Kuwait ties praised
GMT 13:04 2016 Wednesday ,05 October
Boycott test for Asia's top film festival
GMT 05:02 2017 Saturday ,11 March
ECB: Core inflation still too low
GMT 08:51 2017 Sunday ,26 November
Amazon workers in Germany, Italy hold
GMT 15:55 2017 Tuesday ,25 April
Egypt sentences 20 to death over police killings
GMT 12:21 2017 Sunday ,26 February
Venture capital fund to become first to issue own digital tokens
GMT 09:25 2017 Friday ,16 June
Trump's envoy Jason Greenblatt
GMT 08:53 2018 Sunday ,21 January
FedExpress steams on as Sharapova grinds
GMT 09:20 2018 Friday ,19 January
Police raid France's Lactalis
GMT 13:16 2018 Thursday ,11 January
Feminists and Weinstein accuser lash Deneuve
GMT 19:43 2016 Monday ,04 January
Malaysian-Saudi ties open further cooperation opportunities
GMT 10:18 2017 Sunday ,24 December
Designer Philo quits fashion label Celine
GMT 10:24 2017 Tuesday ,14 March
Thailand’s ‘piggy bank’ turtle in rehab after 5kg of coins were removed
GMT 19:34 2017 Monday ,21 August
Egyptian MP warns of unlicensed health centers
GMT 22:08 2017 Saturday ,16 December
AnOther Magazine names fashion coordinator
GMT 10:14 2017 Friday ,15 December
Russian court rules Putin's ex-minister took $2mn bribe
GMT 12:51 2017 Saturday ,25 February
Pop music ban a hit with Bulgarian radio audience
GMT 20:58 2014 Wednesday ,09 July
How to choose bathroom curtains
GMT 19:16 2017 Saturday ,25 March
Algerian designer
GMT 02:42 2017 Sunday ,30 April
North Korea stages large-scale artillery drill as U.S. submarine docks in South
GMT 09:10 2017 Monday ,06 March
UAE launches national space policy
GMT 12:03 2017 Thursday ,06 April
NASA's Cassini probe of Saturn prepares for last plunge
GMT 08:18 2017 Sunday ,10 December
Russian MPs ban US media from parliament
GMT 07:21 2017 Wednesday ,29 November
Japan, China dominate list
GMT 06:05 2019 Thursday ,03 October
Dolce and Stefano Gabbana are making a comeback with the new winter 2020 collection
GMT 15:56 2018 Friday ,14 December
Rise in temperatures, relatively cold weather for today
GMT 10:07 2018 Monday ,03 December
Relatively cold weather with showers forecast for three days
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor