Zaki explained that the decision does not merely refer to submitting a "pledge," as some believe, but rather relates to an actual obligation for some recently added products to deposit export proceeds through Egyptian banks. This means that exporters are required to implement the bank deposit process for the proceeds, rather than simply submitting a written pledge. This will contribute to strengthening foreign exchange reserves and supporting the stability of the Egyptian pound.
He pointed out that this measure is already applied to some strategic commodities such as iron, cement, and sugar, and that new additions have been made recently to ensure that the proceeds actually enter the state treasury. This reflects the government's commitment to protecting the national economy amid escalating regional tensions, particularly with the escalation of the Iran-Israel war and US military interventions that are driving capital out of the region.
He added that the decision does not constitute a burden on honest exporters,
but rather guarantees them the right to export support in accordance with the
applicable regulations. It also enhances trust between the state and exporters,
demonstrating to the world that the Egyptian economy operates according to
transparent and regulated standards.
Zaki emphasized the need for banks to be flexible and quickly issue bank certificates to facilitate shipping and prevent disruption to exports, as Egyptian exporters are the first line of defense for the national economy and Egypt's ambassador in foreign markets.