A major hard-currency crisis in Egypt is causing a massive backlog across the country’s ports, where goods worth $9.5 billion are stuck – even as the government engages in desperate measures to facilitate their release and avoid a spike in the prices of essential commodities.
With Egypt sinking deeper into a prolonged economic crisis, exacerbated by the Russian invasion of Ukraine, the country’s ports have recently been clogging up with goods due to a dollar shortage, a crisis that has been worsened by a substantial nosedive of the Egyptian pound. The currency has depreciated by about 36 percent since the beginning of the year.
Over the period from December 1 to 23, the government – which has imposed restrictions on imports to save foreign currency – managed to release goods worth $5 billion. Other cargoes worth $9.5 billion are still being held at the country’s ports awaiting the securing of dollars required to release them. Priority is being given to food products, food-manufacturing components, medicines and production goods.
Read more in an article from The Maritime Executive.