Arab Finance: The Egyptian government is considering reducing the car import quota by around 20% as of this month, with a maximum of 8,000 cars monthly instead of 10,000, a government official told Asharq Business.

This move is part of the government’s attempts to rationalize dollar spending and imports, the official noted.

A significant portion of the quota is set to be allocated for merchants, amounting to 65% for commercial imports, 5% for diplomats, 5% for government entities, 20% for personal imports for citizens, and 5% for people with disabilities, the official pointed out.

The government will allow companies to import cars from abroad on condition that they provide 60% of the imported goods’ value in hard currency, one source said.

The Egyptian Customs Authority (ECA) has collected up to EGP 1.7 billion so far from illegal owners of cars for people with special needs since June, ECA’s Chairman El-Shahat Ghattori noted.

Egypt and BRICS: Paving the Way for Economic Cooperation Updated 10/22/2024 8:00:00 AM

Supply Minister reviews strategy to develop Egypt’s subsidy system Updated 10/21/2024 12:50:00 PM

Egypt allocates EGP 118B for human, social development sector in FY2024/25 Updated 10/21/2024 12:17:00 PM

UAE’s Al Dahra discusses future investments in Egypt Updated 10/21/2024 10:01:00 AM

Japanese Titan Capital’s owner targets Egyptian real estate market Updated 10/21/2024 9:37:00 AM