Regulatory Alerts2018-05-03
A circular dated May 3, 2018 regarding some procedures to facilitate import operations
In Cairo on May 3, 2018: The Head/ Chairman of the Board of the Central Bank of Egypt refers to page 12 of his December 21, 2015 book about importing rules and procedures. He would like to clarify that in order to simplify import operations carried out on behalf of banks by sending educational certificates directly to banks abroad for all imported goods, the rule mentioned as item (1) in the above-mentioned book - which states "it is limited to implementing... import operations backed by educational certificates sent directly to banks abroad" - can now be executed through the direct submission of educational certificates to employees. Regarding SMEs and medium enterprises operating in the field of basic food imports (as stated on March 5, 2017), cash guarantees for import operations intended for trade or financing governmental institutions, or increasing the rates imposed on suppliers of these goods for trading purposes or meeting bank obligations, including issuing guarantee letters - specific procedures have been implemented, with a limit of 100% replacing the existing situation. Please be informed about taking the necessary measures to work efficiently. Thank you for your respect and consideration. Sincerely, Gamal Naguim.