Imports blocked at ports almost cleared; goods worth $4.8 bn released in 4 days: Egypt’s PM says

Egypt released $4.8 billion worth of goods that were blocked in its ports due to the country's hard currency crunch between 14 and 17 January, Prime Minister Mostafa Madbouly said.

Madbouly added that only $5.3 billion worth of commodities are currently still at the ports, though they include commodities worth $3 billion still pending importers to finalise the needed clearance procedures.

"This means we can say we almost finalised the [clearance of] accumulated goods at ports, and the cycle of the entry and exit of [imported] goods has started to return to its normal [pace], the prime minister told a press conference on Wednesday, adding that "there will never be zero imports at ports because everyday goods exit and new goods enter.".

As of December, Egypt has gradually phased out these curbs – alongside adopting a flexible exchange rate – in tandem with a 46-month financial support package agreed upon with the International Monetary Fund.

Until 10 January, the Egyptian government in coordination with the banking sector had announced the release of imported goods worth a total of $8.5 billion