Sisi: Egypt banks to help clear import backlog within four days

The banks in Egypt will help secure the necessary dollars to clear a backlog of imports piling up at ports within four days, President Abdel Fattah al-Sisi said on Monday.
President al-Sisi made these remarks during a televised event, offering potential end date for an overhang in commodities that has helped fuel demand for the U.S. currency on the black market.
Officials have been working to clear an import backlog estimated at more than $5 billion in December — with goods piling up at ports large due to a letter of credit requirement imposed earlier by the Egyptian central bank but which authorities have pledged it would lift soon.
Speaking at the same event, Prime Minister Moustafa Madbouly said around $5 billion worth of commodities had been released from the ports between December 1-23 and that another $9.5 billion in goods remain at the docks.