On 20 February 2013, the Minister of Trade and Investments presented to the council of exports a set of new rules to increase export subsidies to an amount of EGP4 billion (USD593 million) in FY 2013/14, from an amount of EGP3.1 billion (USD459.65 million) allocated in FY2012/13. Moreover, the draft proposes to oblige exporters to deposit their foreign currency proceeds in Egyptian banks and convert them into local currency.