Dollar black market in Egypt worth $35B: CBE
Governor of the Central Bank of Egypt Hisham Ramez - YOUM7 (Archive)

CAIRO: Dollar black market in Egypt is estimated at $35 billion during the current year, Youm7 quoted governor of the Central Bank of Egypt (CBE) Hisham Ramez Wednesday.

Earlier in January, the central bank cracked down on the black market dealers ahead of the economic summit held in Sharm el-Sheikh in March, as foreign investors usually have concerns over markets offering two prices for currency exchange rate.

“Egypt imports a large number of goods, some of them are unnecessary… We import everything from abroad; lupine, pulp, watermelon, and bean,” Ramez said on the sidelines of his participation in the African Blocs’ tripartite summit held in Sharm el-Sheikh.

Ramez added that the maize import bill amounted to $2 billion in 2014, wondering, “Are we not able to grow corn?”

Earlier in May, the CBE announced the sale of $500 million in the interbank market, to clear outstanding strategic staple food commodities with the approach of the month of Ramadan.

“Egypt’s trade deficit reached $10.5 billion, while some imported products could be manufactured locally,” he affirmed.

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