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The car import initiative garnered USD 685 million in 5 months

The number of individuals registered on the system is 464,000

What:

The car import initiative garnered USD 685 million from its second phase, which launched at the end of last October.

According to Shahat Al-Ghatouri, Head of the Egyptian Customs Authority, orders reached USD 1.6 billion by the end of last week, while the total number of registrants in the system reached 464,000.

Wait, what about the first phase?

It collected about USD 900 million, also in 5 months.

Backstory:

The initiative exempts imported cars from taxes and fees in exchange for a deposit in the Central Bank of Egypt in hard currency for a period of 5 years. The importer then takes it back in Egyptian pounds at the exchange rate at the time of redemption. The conditions of the second phase of the initiative were easier and will end on April 29.

So What:

It contributes to solving the dollar shortage crisis facing Egypt, with the goal of collecting about USD 2 billion, according to previous statements by Finance Minister Mohamed Maait.