Regulatory Alerts2013-06-17
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 2013.
Dear Mr. Chairman, I would like to bring to your attention the decision issued by the Central Bank of Egypt on November 6, 2012, regarding a temporary exemption for importers of various goods from certain minimum foreign exchange thresholds until the end of June 2013, with an additional six-month period expiring in December 2013. This decision was made considering the need to support local businesses and prioritise domestic production, while ensuring that credit facilities remain available for exporters. The Central Bank has decided to include various goods under this exemption: pharmaceuticals, food commodities (wheat, corn, rice), agricultural products (cotton, sugar), industrial raw materials, petroleum and petrochemical products, as well as some vital consumer goods. This exemption is granted until the end of June 2013, with an additional six-month period expiring in December 2013. The exemptions are made for importing companies, not exporters, and are subject to maintaining proper financial management and compliance with banking procedures. The central bank will continue to closely monitor the economic situation and may make changes based on the outcomes of ongoing economic studies. I would kindly request you to take note of this information and extend my sincere appreciation and gratitude." Hesham Ramsis, Governor of the Central Bank of Egypt.