2013-01-14

Allowing banks to temporarily refinance import operations in foreign currency

The letter refers to regulations and guidelines set by the Central Bank of Egypt regarding foreign currency lending and the requirement for borrowers to have sufficient foreign currency resources to ensure repayment. In light of the recent economic situation in the country, the Central Bank is allowing banks to implement a mechanism to prioritize their clients' foreign currency purchase requests based on available resources. Additionally, banks are temporarily permitted to refinance their clients' import operations by providing temporary foreign currency facilities, subject to individual credit assessments.

Egypt

Central Bank of Egypt

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