FINANCIAL NEWS

Egypt annual customs revenues hit $2.6b

15 Jul 2010

(MENAFN) Egyptian customs revenue rose to $2.6 billion in the fiscal year that ended on June 30, the daily al-Alam al-Yom reported, citing Finance Minister Youssef Boutros-Ghali.

Egypt slashed custom tariffs on most commodities soon after a cabinet favouring economic liberalisation led by Prime Minister Ahmed Nazif took office in June 2004 and has since continued to reduce tariffs.

The government had forecast customs revenue for 2009-10 of only 14.25 billion pounds, the al-Alam al-Yom quoted Boutros-Ghali as saying.

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