ANNOUNCED AS TEMPORARYNo
On 14 February 2012, the Egyptian cabinet approved a draft proposal to raise import duties on 100 luxury items; among other in the following categories: watches, boats, shrimps and sunglasses. The increase aims at rationalizing the use of foreign currency in an effort to stop the dwindling of Egypt's ever decreasing foreign currency reserves. Earlier in the same month, the Central Bank Governor already instructed local banks to give priority access to foreign currency to importers of basic goods.
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