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Egyptian MP Amal Abdel Hamid submitted a parliamentary proposal aimed at supporting foreign currency reserves and easing the burden on Egyptians abroad by linking customs and tax exemptions on mobile phones to the volume of official remittances.
Abdel-Hamid’s proposal aims to exempt Egyptians abroad from customs duties on mobile phones in exchange for an annual remittance of US$5,000.
In a Saturday phone interview with the Al-Hadath Al-Youm channel, Abdel-Hamid said that the proposal would allow Egyptians abroad to acquire one or two electronic devices for themselves and their immediate family members.
She explained that the proposal aims to bolster foreign currency reserves and ease the burden on Egyptians abroad by linking customs and tax exemptions on mobile phones to the volume of official remittances.
She noted that some informal practices exist, such as brokerage offices that receive foreign currency from workers abroad and deliver the equivalent in Egyptian pounds within Egypt, resulting in the loss of some hard currency that could have entered through official channels.
The proposal comes as part of efforts towards finding innovative and out-of-the-box solutions to increase dollar resources, in line with the state’s efforts to strengthen its foreign currency resources, and to achieve a balance between supporting the economy and easing the burdens on citizens working abroad.
Edited translation from Al-Masry Al-Youm
