Egypt industrialists praise government bid to protect local production
Central Bank of Egypt
Cairo - MENA
Egyptian industrialists have praised the government's bid to protect national industries topped by the decision to raise protection fees on steel imports.
They also praised the decision of the Central Bank of Egypt to float the Egyptian pound which left positive impact on foreign currency exchange rates.
They said the decision on the foreign currency exchange rates is good for them, urging the government to provide foreign currencies to import raw materials.
In statements to MENA, Member of Federation of Egyptian Industries Rafiq el Daou said steel imports went down 300 to 400 pounds a ton to record 4600 pounds instead of 5300 pounds a ton.
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