EGYPT: Because of the Decline in the US dollar Exchange Rate; Textile Export Councils Demand Subsidy Increase
The export councils for ready made clothes, soft furnishings, yarn and textile, as well as the textile industries chamber of the Industries Federation submitted two memorandums to the ministers of Trade and Industry, and Finance. They demanded an increase in the subsidy granted to exports of ready made clothes…
Egytex News Desk
Egytex
Sulatan mentioned the experiences of the other countries in facing the problem of the US dollar exchange rate. He stated that Pakistan's government offers direct cash subsidy of 6% and a subsidy of 5% in the interest rate. In India there is a package of procedures for subsidizing industry although India is on the top of countries that have been affected badly due to the rise in the Indian rupee exchange rate versus US dollar, while china is the least affected due to the decline in its currency exchange rate versus US dollar.
Source: Newspaper: El-Alalm El-Youm
From the Egytex news archive, first published on 21 May 2008. Figures and names are as reported at the time.
