Regulatory Alerts2022-12-29
Added · Updated
Circular dated December 29, 2022 regarding the cancellation of controls on collection documents for import operations
The Central Bank of Egypt cancels the circular dated February 13, 2022, which previously restricted import operations to documentary credits only and prohibited collection documents. This cancellation allows banks to accept collection documents for all import operations, aligning with the central bank's plan to fully abolish these instructions by December 2022. The decision also supersedes the October 27, 2022 circular that had raised the exemption threshold for shipments to 500,000 USD.
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