2012-05-10

Reducing the cash deposit for documentary credits or promissory notes for the account of merchants for trading or for the account of government agencies from 100% to 50%.

Dear all, I would like to refer you to the Minutes of the meeting held on March 9th, 1999, which included a note about banks' requirement to secure funds in an amount equivalent to 100% of their imported goods' invoices. Banks should also consider updating their lending policies and guidelines based on market conditions and customer profiles. I would like to highlight the necessity for each bank to set its maximum loan-to-value ratio at a minimum of 50%. I kindly request you all to take note and carefully consider the matters discussed in this meeting. With gratitude and respect, Jamal Najim

Egypt

Central Bank of Egypt

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