Regulatory Alerts2024-03-11
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Circular dated March 11, 2024 regarding extending the period of excluding some food products from the cash cover requirements for one year
The Central Bank of Egypt extends by one year, until March 15, 2025, the exemption allowing banks to exclude 100% of the cash cover requirement for rice, fava beans, and lentils on import operations for trade purposes. This decision applies to all import operations for all companies, subject to the credit study conducted by each bank.
Cairo on: March 11, 2024
Dear Sir, Chairman of the Board of Directors of Tahiya Bank, greetings,
With reference to the letter from the Governor of the Central Bank of Egypt dated December 21, 2015, regarding the controls on import operations and its subsequent circular letters, the latest of which is the circular letter dated March 13, 2023, allowing banks to exclude rice, fava beans, and lentils from the cash cover by 100% on import operations for trade purposes for a period of one year ending on March 15, 2024, and in light of the Central Bank's follow-up of the needs of the Egyptian market and its keenness to facilitate import procedures to meet citizens' needs, it has been decided to extend the period of exemption mentioned above for another one year ending on March 15, 2025.
This decision applies to all import operations for all companies, taking into account the credit study conducted by each bank.
Please be kind enough to alert towards taking the necessary action to implement the aforementioned decision.
Accept our highest respect, Hassan Abdelha