Amr Khadr, head of printing and paper trade division within Egyptian Chambers of Commerce said that the main reasons behind the price hike is the decline in imported writing and printing paper products. European banks are not accepting letter of credit with more than 90 days deferred payment from Egyptian banks. This makes it difficult for companies to import paper.
Ashraf Mustafa, a representative of Roxl Paper Company in Egypt says, the problem started 6 months ago when Egyptian banks withdrew EGP2.9 billion of their balances invested abroad.
