Regulatory Alerts2022-12-29
A circular dated December 29, 2022 regarding allowing the acceptance of collection documents when carrying out import operations
In Cairo, on December 29, 2022: The Central Bank of Egypt announced that it will gradually phase out the decision to accept only bond documents for import operations and exclusively rely on supporting documentation. This was initially announced in February 2022 with a plan to completely cancel it by December 2022. It has now been decided to resume accepting bond documents along with other supporting documents for import activities. The Central Bank of Egypt (CBE) had previously issued Circular No. 27 dated October 27, 2022, which increased the exemption limit for imports from $5 billion to $500 million or its equivalent in any other currency. CBE has now decided to gradually phase out this decision until it is completely cancelled by December 2022. Accordingly, effective from the date of this circular, importers will be allowed to submit bond documents alongside other supporting documents for import activities.