Head of the customs authority Galal Abul Fotouh said that it has been agreed on the immediate release of imported goods and production requirements in exchange for bank guarantees offered by the impor...

Head of the customs authority Galal Abul Fotouh said that it has been agreed on the immediate release of imported goods and production requirements in exchange for bank guarantees offered by the importer to reduce storage costs,  cut down on crowding goods which may hinder traffic at customs port exits and the subsequent arrival of material to the consumer at reasonable costs. Minister of Finance Dr. Youssef Boutros Ghali has added that he is considering  a new facility to importers in a few weeks that will guarantee the right of the importer to withdraw withdraw goods  without payment of fees provided he submits a bank letter to settle the due amount to customs  in a show of faith from the government to importers and exporters to activate trade without impacting costs on sales to citizens. Dr. Ghali said that procedures to finalize auditing controls on customs exits will be finalized while cheques may soon be handled through computers in efforts to streamline the flow of goods through the various ports before the end of the year.  Ghali said the new customs ideology operates along three angles which focus on quality of services, streamlining international commerce, and tight control on all ports. (source:Al-Akhbar)