Regulatory Alerts2014-11-26
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.
On November 10th, 2014, the Governor of the Central Bank of Egypt announced that the central bank would stop providing guarantees for specified imports. These included: 1. Pharmaceuticals and chemicals 2. Dairy products (children's milk) 3. Foodstuffs (wheat/oil/grains) 4. Fertilizers and pesticides 5. Meat and livestock 6. Sugar of all kinds This decision was taken without setting a minimum import coverage ratio, while considering the guidelines issued by the Central Bank of Egypt, as well as the risk assessment studies conducted by each individual bank in this regard, up to December 2014. The previous six-month period had seen an increase in import guarantees; however, with full compliance with these guidelines and appreciation for their importance, please accept my highest respects and regards. Hesham Ramez, Governor of the Central Bank of Egypt.