Regulatory Alerts2013-02-07
Adding some goods to exclude their import operations from the minimum cash insurance rate until the end of June 2013
In February 2013, Egyptian President Hisham Ramez announced the lifting of several import restrictions for a wide range of goods, including meats and animal products, as part of an economic reform program aimed at meeting domestic market needs through foreign trade. The following items have been added to the positive list along with the minimum localization requirement of 50%: 1) Drugs and medical supplies 2) Infant formula 3) Foodstuffs (wheat, oilseeds, grains) 4) Livestock (rice, soybeans, other agricultural products) 5) Fertilizers and pesticides In addition to this, the Central Bank of Egypt will maintain restrictions on net foreign currency inflows in order to limit capital flight. The results of a financial study being conducted for banks will be used to address this matter until at least June 2013.