- Egypt’s Zero-Customs Car Import Initiative has attracted billions from expats
- Payment orders totaling USD 1.97 billion have been issued for beneficiaries
- Approximately USD 799 million has been transferred into Egypt so far
- 602,277 cars have had payment orders issued, with 29,475 vehicles released from customs
- The initiative allows expatriates to bring one personal-use vehicle to Egypt without customs duties or taxes
- Expatriates are required to make a five-year bank deposit in foreign currency
- Upon completion of the five years, they can withdraw their funds in Egyptian pounds to import their vehicles without customs charges
- The initiative is part of Egypt’s strategy to bolster foreign currency inflows and economic stability
- Egypt seeks to attract more foreign currency to enhance the value of the national currency and mitigate inflation
- The Central Bank of Egypt has raised key interest rates to address rising inflationary pressures
Source: egyptianstreets.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
