A major hard-currency crisis in Egypt is causing a massive backlog across the country\u2019s ports, where goods worth $9.5 billion are stuck \u2013 even as the government engages in desperate measures to facilitate their release and avoid a spike in the prices of essential commodities.<\/p>\n
With Egypt sinking deeper into a prolonged economic crisis, exacerbated by the Russian invasion of Ukraine, the country\u2019s 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.<\/p>\n
Over the period from December 1 to 23, the government \u2013 which has imposed restrictions on imports to save foreign currency \u2013 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.<\/p>\n