Regulatory Alerts2016-02-23
Added · Updated
Circular dated December 21, 2015 regarding import operations
The Central Bank of Egypt mandates that banks increase the cash security deposit for import operations under documentary credits from 50% to 100%, effective January 1, 2016, with exceptions limited to pharmaceuticals, vaccines, chemical materials, and infant milk. Temporary foreign currency facilities for trade purposes are prohibited, except for non-trade operations, basic food supplies, and the specified exempted goods. Banks are also prohibited from using authorized credit limits to cover these cash deposits, and standard banking rules apply to imports for non-trading purposes such as capital goods and raw materials.
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