Regulatory Alerts2022-03-09
A circular dated March 8, 2022 regarding the decision of the Ministry of Trade and Industry regarding import for private use
The letter, dated March 8, 2022, is addressed to the Chairman of a bank, informing him of a decision by the Minister of Trade and Industry that amends Article 17 of a previous ministerial decision regarding the clearance of imported goods for private use. The amendment exempts certain imports from the requirement to pay for them through recognized banking payment methods and instead allows for direct release by customs. These exemptions include goods valued below $25,000 imported once every six months, machinery and equipment for Egyptian companies' overseas projects, imports by embassies and consulates, and cases approved by the Minister of Foreign Trade. The letter requests the bank's compliance with the decision and consideration of the exemptions outlined in its second article.