2013-10-03

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 2014.

In reference to your letter dated June 16, 2013, with the reference number 306, regarding the exemption of meat, poultry, and sugar imports from the minimum 50% cash coverage requirement, and the freedom given to banks to determine the cash coverage ratio without a minimum limit. In addition, the exemption of imports of the following goods from the 50% minimum cash coverage requirement: drugs, sera, and related chemicals; baby milk; food commodities (wheat, oils, and grains); animal feed (corn, soy, and other requirements); and fertilizers and pesticides. This exemption is valid until the end of December 2013, provided that the banks' lending guidelines and credit studies are taken into account.

Egypt

Central Bank of Egypt

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