Last Night’s Talk Shows: Port snarls could be resolved by end of December?
It was another slow-ish night on talk shows yesterday, with the talking heads focusing on efforts by the government to release shipments piled up at ports.
Goods worth some USD 6 bn are currently stuck at ports amid a shortage of FX needed to get them released, Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC), told Kelma Akhira (watch, runtime: 11:12).
On the bright side: Banks have issued some 25k letters of credit (L/Cs) worth USD 4.5 bn since October’s float, helping to ease the backlog and keep new shipments moving through ports, Ezz said. He expects all backlogged shipments to be released from ports by the end of December, when the CBE plans to have lifted import restrictions including the requirement to issue L/Cs, adding that prices should then “begin to stabilize.”
MEANWHILE- No changes to this year’s Thanaweya Amma exams: Changes introduced last year to move secondary school leaving exams to an “open book” system will stay in place this year, Education Minister Reda Hegazy said at a presser yesterday, according to a ministry statement. Hegazy had previously suggested the system — which led to lower pass rates last year — could see more reforms. Essay questions make up 15% of exam questions under the system, with the rest multiple choice. Education Ministry Spokesman Shady Zalata discussed the details with Al Hayah Al Youm (watch, runtime: 8:37). Masa’a DMC also had coverage. (watch, runtime: 1:36).