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Thursday, 13 October 2016

Companies cannot find USD regardless of price, Beyti’s CEO says

It’s a lack of USD liquidity and not the exchange rates quoted that are affecting output in Egypt, Mohamed Badran, CEO of dairy and juice manufacturer Beyti, told Al Mal. If companies find USD, even at a higher price, they would be able to reprice their output to readjust their profitability. The problem is that companies are unable to source sufficient quantities of USD, regardless of price. Beyti, a subsidiary of Saudi Arabia’s Almarai, aims to increase its exports to 20-30% of output within 18 months to increase its foreign currency revenue, Badran says.

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