The Ministry of Expatriate Affairs and a number of Egyptian expatriates submitted a recommendation to exempt returning cars belonging to expatriates from customs fees, in return for a deposit at the Central Bank of Egypt worth $10,000-20,000 to be allocated to the government. This deposit would have no interest, and after a five-year period, the exact value of the deposit would be returned to the Egyptian national.
High-ranking government officials said that this recommendation is currently being studied by the customs department and will be finalised in the next few days. The sources added that the recommendation is a good one as it will bolster Egypt’s foreign currency reserves, and without any interest rates.
Two factors will be taken into consideration when deciding on the recommendation, sources said. First is the amount of customs revenues, which exceeds EGP 1bn yearly. Second is how this decision would affect the number of cars on the roads, as the current road infrastructure is suffering.
