Circular dated March 13, 2023 regarding extending the period of excluding some food products from the cash cover requirements for one year

Cairo: March 13, 2023

Dear Chairman of the Board,

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 10, 2022, allowing banks to exempt 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, 2023, 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 one additional year ending on March 15, 2024.

This decision applies to all import operations for all companies, subject to the credit study conducted by each bank.

Please be so kind as to alert regarding taking the necessary action to implement the aforementioned decision.

Yours sincerely,

Hassan Abdullah