Al Sakty Discusses Importing Ethiopian Commodities Without Exchanging Hard Currency

Alaa Al Sakty, Board’s Chairman of Badr Industrial City Investors Association, will hold a meeting today with Mona Amr, Assistant to Minister of Foreign Affairs, to discuss importing the Ethiopian commodities to Egypt in the coming period without exchanging the hard currency, in order to deaden pressure on the US dollar in the domestic market.

In his statements to”Amwal Al Ghad”, Al Sakty said the value of the Egyptian imports’ bill is paid via exchange to the Egyptian pound for the Egyptian investors’ accounts. Those investors deduct the value from their dues that the Ethiopian government has.

He added that the most important commodities in the Ethiopian market are the meat, the agricultural crops, fertilizers and some food industries.

Al Sakty expected that the bill of Egypt’s imports reach US $100-150 million, that can deaden the pressure on the hard currency in the domestic market.