The Egyptian official reportedly said: “The estimated amount is from 3 to 5 billion dollars, but it may be larger, God willing, depending to the demand of the Egyptians overseas.” His comments were featured on the “Your Economy” show on “Sky News Arabia.”
“Last week, the Egyptian House of Representatives approved a draught law submitted by the government regarding providing some services to Egyptians living abroad, including exempting Egyptians abroad from taxes and customs in exchange for a deposit in hard currency into the Ministry of Finance’s accounts equal to the fees and taxes that were previously paid. It must be paid in Egyptian pounds at the current central bank published exchange rate, assuming the deposit is recovered without returns after five years.
After the law’s executive regulations are released, on which the President of the Republic is waiting, this initiative is only supposed to last for four months.
According to the head of the Customs Authority, “the law stipulated that the period of the initiative is 4 months, and it did not provide for the permissibility of the extension, and we do not believe that this will never happen because it is an exceptional procedure, And the time limit until there is a serious turnout, and so that it does not adversely affect the local auto industry.
The initiative’s major goal is to rapidly boost Egypt’s dollar output in order to alleviate the severe shortage of hard currency, which caused the value of the Egyptian pound to sharply decrease and adversely affected the import of some materials and production necessities for the industry.
Egypt has approached the final agreement with the International Monetary Fund in order to obtain a financial support package, to meet the economic challenges it faces since the beginning of the Ukrainian crisis, which increased the disturbance of its already unstable financial resources and prompted foreign investors to withdraw approximately $ 20 billion from the Egyptian Treasury markets In a few weeks.
particularly Egypt. Expatriate cars initiative will bring between 3 and 5 billion dollars
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