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Egypt is offering import relief to counter the rising prices of meat and poultry, which have increased to levels exceeding the international rate — reaching 25 percent and 40 percent respectively. The inflation in poultry and meat [prices] has exceeded the normal limits and it is caused by the chaos in the market and the lack of government supervision. The prices of poultry will keep rising because the prices of the inputs needed for the industry, like corn and chicks, are increasing.
In an attempt to increase the supply of poultry and meat in order to soothe demand and thereby stabilize prices, the central bank allowed local banks to exempt importers of meat and poultry from paying the 50 percent cash insurance minimum that is typically imposed on imports.
The exemption will be effective for six months, leaving local banks to decide for themselves what cash insurance percentage will ultimately be applied to poultry and meat importers now that the minimum limit has been waived.