Regulatory Alerts2020-03-16
A circular dated March 16, 2020 regarding extending the period of excluding some food products from the cash cover requirements for one year
In Cairo, on March 16, 2020, the Governor of the Central Bank of Egypt addressed a letter with a message of goodwill. Referring to the book published by the Governor of the Central Bank in December 2015 regarding the procedures for import and financing operations, as well as the annual book published on March 6, 2019 on allowing banks to exempt non-agricultural goods from 100% foreign exchange requirements for import trade purposes for one year ending on March 15, 2020, in response to the need of the Egyptian market. The decision has been extended by another year until March 15, 2021, covering all imports for all companies after considering the risk studies carried out by each bank. Please take note of this decision and kindly accept my highest regards. Sincerely, Governor, Central Bank of Egypt (translated from Arabic)"