2014-06-12

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 December 2014.

The letter, dated June 10, 2014, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It announces an extension of the exemption period for certain import operations, including meat, poultry, sugar, medicines, baby milk, and other essential commodities, from the minimum cash collateral requirement of 50%. This extension is valid for an additional 6 months, until the end of December 2014, with the condition that banks adhere to credit granting guidelines and conduct thorough credit studies for their clients. The letter concludes by requesting full compliance with the instructions provided.

Egypt

Central Bank of Egypt

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