World Economy

Egypt Raises Import Duties

Egypt Raises Import DutiesEgypt Raises Import Duties

Egypt has placed new import duties on luxury goods, applying a presidential decree aimed at steering demand toward local products, AP reported. Cairo airport official Mohammed Mahmoud said Sunday that the decree issued last week raises taxes 10 percentage points to 40%. The affected goods include household appliances, consumer electronics–including game consoles and stereo equipment–clothing, perfumes, pens, lighters, watches and nuts. The move comes as Egypt attempts to shore up dollar reserves and make sure they are used for essential products like food commodities, industrial equipment, raw materials and medicine.