The Trade and Industry Ministry issued a list of imported finished consumer goods whose foreign producers are obliged to sign up for the new registry of approved manufactures. The list includes various finished food items (dairy, chocolates, dried fruits, cereals, and mineral water) as well as toys, house appliances furniture, lighting, steel and motor bikes. The decision comes after reports over the weekend that the ministry has established a new registry of approved foreign manufacturers of imported finished consumer goods where new guidelines include stricter quality and safety standards and scores for impact on labour and the environment. Companies have two months to register (i.e. by end of February) before the registry comes into effect.   Our comment: We note that the decree does not ban these imports, but rather aims to establish a number of guidelines for the manufacturers of these imports. There could be, however, a risk of disruptions or shortages in the case that registration takes an extended period of time or importers file incomplete paperwork. Overall, we see the measure as part of the authorities’ wider plans to control imports and boost local manufacturing. These goals were mentioned in the CBE’s latest statement as one of the national economic policies. Controlling imports is likely to be a strategic goal by the CBE, in our view, as it is one of the few available measures to narrow a stubbornly high trade deficit – even in the case of a potential devaluation – in light of declining exports, major challenges faced by the tourism sector and Egyptian expatriates sending less money home. Hence, we do not see the measures negating a potential devaluation, but rather hinting it is not likely to materialise in the very near term especially given that the liquidity shield needed to manage the devaluation has yet to be built. (Al Mal, Al Borsa and Mohamed Abu Basha)