Regulatory Alerts2023-03-15
A circular dated March 13, 2023 regarding extending the period of excluding some food products from the cash cover requirements for one year
Cairo, March 13 **2023** Mr. Professor/ Chairman of the Board Following the instruction in Mr. Governor's Central Bank book dated December 21, 2015 regarding import operations rules and his subsequent two books on March 10, 2022, permitting banks to exclude wheat, pulses, and oilseeds from their foreign currency positions at a rate of 100% for trade-related imports, ending on March 15, 2023, and taking into account the market's needs and his commitment to facilitating import operations in response to domestic needs, he decided to extend this measure for another year until March 15, **2024**. This decision applies to all import transactions for all companies with due consideration to the risk assessment studies conducted by each bank. Please be advised to strictly follow this decision.