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Tuesday, 16 August 2016

Maersk joins shipping firms demanding payment in USD, as FX shortage takes toll on ports

The crackdown on the parallel market is slowing-down the clearance of imports, especially as Maersk has decided to charge importers in USD for their services, joining shipping companies such as CMA CGM, Hamburg Sud, SCA Logistics and others, said Ahmed Mostafa, head of Alexandria’s union of customs brokers, Al Borsa reported on Monday. He added that the move has already taken its toll on ports, where commercial goods and raw materials are piling up. Importers have called for the government to step in as they find it increasingly difficult to source FX in light of the crackdown. USD-denominated fines have begun to accumulate as a result of delayed clearing. Importers had previously claimed it might be illegal for shipping agencies to charge in USD, as former Prime Minister Ibrahim Mahlab had issued a decree barring payment for services in Egyptian ports in foreign currency.

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