Cairo Chamber says state’s importing bill to drop by $8bn end-2016

Egypt’s bill of importing commodities is expected to drop by US$8 billion by the end of 2016 due to the ongoing rise in dollar price.

Speaking to Amwal Al Ghad Sunday, Head of Importers Division at Cairo Chamber of Commerce (CCC), Ahmed Sheha emphasised on the importance of providing dollar cash liquidity in state’s Central Bank necessary for importing processes.

He clarified that floating Egyptian pound would demolish parallel currency market within the upcoming period.

Moreover, chairman Sheha anticipated prices of local and imported commodities to  witness an increase immediately after the decision of devaluing the Egyptian pound.