The Clap
The government will exempt imported cars from customs and fees for Egyptian ex-pats, in exchange for an equivalent deposit in foreign currency (FCY) to the Ministry of Finance.
Why would anyone agree to this?
The catch here is that the owner will receive the deposit again after 5 years, but in EGP through the exchange rate at the time of redemption, and without interest.
This decision is only valid for four months.
Why?
The country is trying to raise FCY levels, due to the decrease in foreign reserves as a result of the Russian-Ukrainian war.
Conditions
To be eligible, the buyer must be 1) an Egyptian with a valid residency abroad, 2) is at least 16 years old, and 3) can only buy one car under these terms.
Why this Matters
Maait said this decision is expected to bring in $10 billion in deposits from ex-pats.
