LG Egypt cuts production levels by 60% at its TV plant due to FX shortage
LG Egypt’s TV factory reduced its production levels by 60% to 70,000 units per month in April and May 2016 due to FX shortages at the four banks the company works with. The company received only USD10mn in letters of credit in April and May out of USD28mn that the company needs to meet its target production level of 150,000 TV units per month. LG Egypt was instructed not to resort to the parallel market by the parent company in Korea even if it has to shut down the factory. (Al Borsa)
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