Suez Canal transit fees still paid in foreign currencies – Cabinet

Egypt denied reports that it has begun charging Suez Canal transit fees in local currency, reaffirming that tolls for vessels passing through the key global trade route remain payable in foreign currencies.

The Cabinet Media Centre issued a video statement on Wednesday saying no such policy change has been made, and described the circulating rumours as baseless. The clarification came after claims spread on social media suggesting a shift to the Egyptian pound.

“The collection of Suez Canal fees continues to follow international norms, using foreign currencies without any changes,” the statement said. The move is aligned with the country’s efforts to safeguard foreign currency reserves and reflects global confidence in the Canal’s strategic importance, it added.

Accepted currencies include the US dollar, UK Pound Sterling, euro, Japanese yen, Canadian dollar, Swedish krona, Danish Krone, Norwegian krone, Swiss Franc, Chinese yuan.

The Suez Canal is a vital artery for global trade, generating billions of dollars annually for Egypt. Amid ongoing economic pressures, including a weakened local currency and efforts to boost foreign reserves, speculation about shifts in fee collection policies has gained traction online. The government’s statement aims to reassure international shipping operators that the status quo remains intact.

Attribution: Amwal Al Ghad English