Egypt Considers Using Local Currency Instead of Dollar in Ports, Shipping Agencies

The Egyptian Ministry of Finance is studying the possibility of dealing in local currency for shipping agencies operating in the country in coordination with the General Authority for Investment and Free Zones (GAFI).

A letter addressed by Mohamed Maait, Minister of Finance to Ibrahim El-Araby, President of the General Federation of Chambers of Commerce (FEDCOC) reads: "The ministry welcomes the federation's proposal to deal in local currency instead of foreign currencies to reduce pressure on foreign currency to pay local trading expenses."

"The letter also emphasized extending working hours for visa, collection and exchange employees in the Chinese arena until 7:00 pm to reduce the time of customs release."

The Minister of Finance stated that the ministry also welcomed, in coordination with the GAFI, any questions related to the implementation of the ACI shipments pre-registration system.

FEDCOC had submitted a proposal to the Ministry of Finance that includes stopping dealing in dollars to ease additional burdens resulting from floor fines to shipping lines that are paid in dollars .