Egypt Introduces Measures to Help Clear Backed Up Ports

Egypt’s finance ministry has put in place a package of measures to clear a backlog of goods piled up in port, a ministry statement said on Tuesday.

A severe shortage of foreign currency in Egypt over the last six months has sent banks and importers scrambling to pay for the letters of credit needed to get their cargo released from customs. Factories and retailers complain that production and sales have been hurt due to a lack of inputs. 

View entirety: Reuters