2014-11-26

Extending the period of exclusion for import operations of some goods whose import operations are excluded from the minimum cash insurance rate until the end of June 2015.

In a letter dated November 10, 2014, the Central Bank of Egypt allowed banks to exempt the following imports from the minimum 50% cash collateral requirement: medicines, baby formula, food staples, animal feed, fertilizers, meat and poultry, and sugar. Banks were given the freedom to determine the cash coverage ratio without a minimum threshold, valid until December 2014. In light of this, it was decided to extend the exception period for an additional 6 months until June 2015, subject to credit granting guidelines and credit studies conducted by each bank for its clients.

Egypt

Central Bank of Egypt

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