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Thndr Claps » EGY Claps » Economy 🏙 » USD crisis: when will it end

USD crisis: when will it end

by Omar El Shorafa
November 27, 2022
Remittances, Claps

The Clap
According to Asharq, the USD crisis is impacting the import process, pushing a number of banks to stop issuing letters of credit or new collection documents to importers.

What
According to the General Organization For Export & Import Control, imports are not completely halted but are significantly slower due to a shortage in USD.

So What
According to an official in a government-owned bank, the hard currency available in banks cannot cover all the current import requests.

Now What
The $9 billion aid package that Egypt received is expected to provide investment and foreign currency.

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