Liberalising exchange rate to boost Egypt’s exports by 10%: Minister Qabil

The recent decision of the Central Bank of Egypt (CBE) to float Egyptian pound against the dollar would raise the Egyptian exports by 10 percent within the upcoming period.

State’s Trade Minister Tarek Qabil said that this decision is a crucial step in the right direction towards the economic reform and would affect the Egyptian exports and industry sector positively within the coming period.

He added that the ministry is currently studying the influences of liberalising exchange rate on different industrial sectors.

Qabil made these remarks during the expanded conference held Thursday to announce ministry’s strategy to enhance industrial development and foreign trade until 2020.

About the long-awaited procedures to facilitate Egypt’s global trade movement, Qabil noted that the ministry is currently studying a number of procedures including revising terms of importing and exporting as well as procedures of granting license for foreign factories that are qualified to export to Egypt.