Dr. Reda Abdel Sallam, documentary credits. Don't aim for a float.

"Al -Gomhoria Online", Dr. Reda Abdel Salam, interviewed the former economic expert and governor..This improves the status of the pound and provides it with protection by reducing the demand for the dollar and creates stability in the money market, encourages local manufacturing and ensures control over the quality of imported goods and prevent the leakage of bad products to the country and protect the citizen from cheating.

He said that the reservations of some are logical and have their faces, but they are merely fears of a potential danger and not actually and must be heard and remove their causes, and achieve the maximum degrees of readiness, efficiency and speed in implementing serious requests that meet the conditions and develop urgent solutions to any problems that hinder the implementation of the decision on the ground and meet the needs of importers and not harm young peopleImporters, allowing prices to rise, or opening the way for the black market of the dollar and foreign cash..And to the text of the dialogue:

* How do you see the central decision to cancel "collection documents" in importing and work with "documentary credits"?- When I put myself in the place of the central bank and read the scene globally and locally, I find that I have to take such a decision in order to preserve the "pound" because my eyes in the end are on the citizen who pays the bill.The rise of the dollar against the pound.

A decision has multiple dimensions..The state seeks to organize import, especially in light of the current stressful circumstances, high interest rates globally, the continuation of the waves of inflation and the high commodity, as a result of the Koruna's pandemOutside with fabricated documents at less than their real price, which istes the rights of the public treasury in the customs tax, and this will stop with the banks' import process by themselves..This is because it will be a mediator and a tribute to the importer and not just a financier of the deals, and therefore it can reject any violating requests from the source and avoid the misfortunes of the old regime..

Providing the difficult currencies needed to bring in production inputs with a sterilization that can not be disrupted

* How do you see the reservations of the business community and the importers of the decision?!Delay in import procedures and the second: high cost and then increase prices on the consumer in the end.

The business community has a semi -assertive belief that the procedures for documentary credits will be prolonged and then it will result in a delay "and thus a rise in cost" as some small importers fear that they are unable to pay the price of the full shipments before importing, which may threaten them to stop in contrast to the collection documents that allowed them They have to pay part of the value of the deal and complete the rest of its price in batches after disposing of it by selling, but the central bank announced that there is no initiative in the fees of the new import system and that the banks will not require any new documents or procedures, but will be committed to collecting the same fees and commissions that they were previously obtained with the system "Collection documents", which sends messages of reassurance to the business community.

Preparations and challenges

* Did the banking system prepare to meet the needs of importers without delay?- The central bank has announced the readiness of banks to meet import requests according to the new system without increasing any cost or fees on the shoulders of the importers.

Our economy still depends on import in a large percentage, as Egypt imports between 65 and 70 billion dollars annually...That is why commercial banks must be prepared for challenges with qualified human cadres and sufficient liquidity to meet tens of thousands of imports of importers, businessmen and factory owners so that production does not disrupt and matters remain accessible..The central bank must be prepared to support it with the cash reserve so that the importers do not have to resort to the black market of the dollar and create pressure on hard currencies as a result of increasing demand for them, so its price increases against the pound that seeks to provide protection for it.

Filter imports

* وماذا عن ترشيد الواردات؟- أهداف القرار Filter imports من خلال لجان من البنك المركزي والبنوك التجارية ووزارة المالية تحدد وفقا للنظام الجديد ما ينبغي استيراده أو منع دخوله للبلاد مثل السلع الرديئة أو الترفيهية أو التي لها بديل محلي وهو ما نطمح أن يقلل فاتورة الواردات من 70 مليار دولار الي 55 مليارًا، ما يعني تقليل الطلب على الواردات بمقدار 15 ملياراً والحفاظ على استقرار الجنيه وحمايته في هذه الفترة الصعبة التي يعاني فيها الاقتصاد العالمي ارتفاعات في أسعار الفائدة.

Protect citizens

* What will return to citizens from the decision of documentary credits?! - The Central Bank’s decision aims to improve the quality of the goods received from abroad and thus protect the health and money of citizens from goods that may be adulterated by importing people who are concerned only with achieving profits regardless of the bringing of materials and products that are not environmentally friendly The poor to the country and thus guarantees the quality of imports as well as the governance of the foreign trade system to protect and preserve the sovereign state resources and there are committees being formed that include representatives and experts from the central bank and commercial banks and the Ministry of Finance and Trade and Industry and Exports Control to set criteria for import and is there a local counterpart for the importer who can cover the market need.

Encouraging local manufacturing

* ماذا نفعل لضمان نجاح القرار دون أي تداعيات على المواطن؟! - المواطن لن يتحمل أي زيادة في الأسعار خلال الفترة القادمة وبالتالي فإن البنك المركزي أراد تنظيم هذه المسألة حتي لا تحدث أي اهتزازات في الأسواق وهذا يستدعي Encouraging local manufacturing وإزالة أي معوقات من طريقه والإصغاء لطلبات المصنعين وتقديم كل صور الدعم لهم بتقليل الأعباء والالتزامات حتي يمكنهم توفير البديل المحلي بأقل سعر وبجودة أعلي حتي يكون قادراً على تلبية احتياجات السوق ولا تحدث فجوة بين الإنتاج والاستهلاك تؤدي الي تعطيش الأسواق وارتفاع الأسعار لقلة المعروض وحدوث موجات تفرغ القرار من مضمونة.

Challenges and difficulties

* The beginnings are always difficult.. ولكل قرار تحدياته وصعوباته؟! ** القرار إيجابي ويسعي لتحقيق أهداف جيدة لكن عند التطبيق سوف تواجهه- شأنه شأن أي قرار مفصلي- Challenges and difficulties ينبغي أن تعمل عليها البنوك عليها بأسرع ما يمكن وتكرس لها الطاقات والقدرات اللازمة لتجاوزها وامتصاص تداعياتها، ولا بد أن تنعم اللجان المزمع تشكيلها للتعامل مع طلبات المستوردين بالكفاءة وإلا سوف يحدث تعطيل للإجراءات وتزيد التكلفة وهو ما ينعكس في النهاية على مستويات الأسعار و معدلات التضخم.

The Central Bank is the decision -maker for the process of coordination with businessmen and importers and ministries of trade, industry and finance so that all the goals for which this decision could be achieved and it is necessary to listen to the fears and reservations of importers..We should listen to them and reassure them that documentary credits procedures will be completed in the least possible time to obtain approval and response, and we get their concern about the delay they are taking..

Foreign companies competition

* البعض يبدي تخوفه من عدم القدرة علي Foreign companies competition المستثناة من القرار؟- الاستثناء ليس مطلقاً بل مشروط بأن تقوم تلك الشركات وفروعها العاملة في مصر بالاستيراد من الفرع الأم في الخارج أي أن الاستثناء يقتصر على تعاملات الشركات التابعة لشركات أجنبية في نطاق عمليات الاستيراد من الشركة الأم ومجموعاتها فقط، بمعني أنه لو فكرت أي شركة أجنبية أن تستورد من شركة أخري في بلد آخر فإنه لن يسمح لها بذلك وسوف يطبق عليها قرار الاعتمادات المستندية.

Rear doors

* What could happen if the requests of some importers were rejected?- Rejection means that the commodities required to be imported do not apply to the decision and therefore it is forbidden to enter the country from the official outlets. All goods that cross the national borders must be subject to the decision.. وهنا قد ينشأ بعض المحاذير حيث قد يلجأ البعض ممن رُفضت طلباتهم إلي طرق Rear doors واللجوء إلي تهريب البضائع بعيدا عن المنافذ الرسمية وهذا يتطلب يقظة الأجهزة المعنية بمراقبة تلك المنافذ والحدود حتي لا يؤدي التهريب إلي ضياعمستحقات الخزانة العامة وذهابها إلي جيوب اللصوص والفاسدين.

No increase in commissions

* Are the credits opening commissions applied to the previous customers dealing with them through collection documents, especially since the collection documents have very low commissions in exchange for the conquest of documentary credits?!

- The Central Bank confirmed that banks were directed to reduce all documentary credits commissions that will be opened in all banks to their customers who have a precedent dealing for import through collection documents only and from the bank itself to be the same percentage of collection documents that were calculated for the bank's customers.

Not a new float

* Some claim that this decision is a prelude to a new float for the pound?!- No..It is not a new float, for such a claim to avoid the nature of things, the decision aims to maintain the stability of the exchange rate and protect our local currency by rationalizing import and reducing demand for the dollar..Also, the pound was actually floating in 2016 by the Central Bank’s decision, which left the pound exchange rate for supply and demand, so how is the pound “already known”?!.

Perfect intervention from the central bank may occur indirectly, as is now happening to protect the pound and besiege pressure on it from foreign currencies, especially the dollar..

Tips for importers

* What do you advise the importers in the current period?!- On importers and businessmen who fear the slow procedures and delay in implementing import requests, they should initiate from now to prepare the required procedures and papers and open documentary credits to import their needs that the Central Bank has quickly obligated banks to meet and not collect any excessive fees forCollection documents..As for the shipments that were actually contracted, the decision does not apply to it..That is why the "Central" announced the new system 15 days before its implementation to give the business community the opportunity to prepare for it..The "Central" must tighten the censorship of banks to ensure their commitment to simplify the procedures and the conduct of matters in a transparent and ease..

Black economy..More dangerous

* هل هناك عوامل أخري تضغط على العملة الوطنية؟! - تهريب المخدراتMore dangerous على الاقتصاد والعملة الوطنية حتي من استيراد السلع التقليدية، فشحنات المخدرات التي يجري تهريبها للداخل يتم دفع ثمنها بالدولار الذي يجري الحصول عليه من السوق السوداء..And when we know that 90% of the drugs circulated in our streets, villages and cities are imported in hard currency, we realize the size of the crime practiced by drug smugglers not only on the health of our youth, but also on the economy and the pound in a way that belongs to what requires besieging all illegal activities such as smuggling antiquities and money laundering side by side by side.The new import system "and tightening the sanctions and security measures on criminals and the use of modern technical means to monitor and track the shipments of toxins before entering the country so that this illegal trade does not release the decision from its content.

Re-evaluation

* Is there an opportunity to re -evaluate?!The application always reveals the strengths and weaknesses together..I do not think that "the central cannot be tolerated on any new price rise" and it must have alternatives to the evaluation and correcting the path when it is necessary to do so.

* What about the exploitation of some traders of transitional conditions?!- There is always the beneficiary of crises or wars brokers who take advantage of the transitional conditions and store goods to thirst the markets and therefore rises in prices occur..Here, the relevant authorities in the government and the consumer protection apparatus must be active to tighten and tighten control of markets during that period to prevent monopoly and harmful practices and to hold the wrong and negligent accountable..The decision is positive in itself, but nothing can be fulfilled if the oversight is absent and the bureaucracy is attended by the agencies entrusted with implementation and the approvals and procedures are disrupted, which is what happens in reverse results.literature..In order for any decision to succeed, it is necessary to succeed...Success for the decision is written, and that is the desired.

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