Regulatory Alerts2015-05-13
Extending the period for excluding import operations of some goods from the minimum cash insurance rate until the end of December 2015
In May 2015, the Governor of the Central Bank of Egypt stated that imports of certain goods including medicine, wheat, rice, animal feed, pesticides and agricultural materials, sugar in all forms, various livestock, and meat from various species will face a decrease in subsidies. The banks will determine the rate of subsidy reduction without any minimum limit, while respecting the export incentives provided by the Central Bank of Egypt. This process should continue until June 2015. This decision was preceded by an announcement on December 2015 that this policy would last for six additional months. Please be reminded to fully comply with what is stated in this speech, and I ask you to accept my highest regard and respect. Hesham Ramez, Governor of the Central Bank of Egypt.