Circular dated March 16, 2020 regarding extending the period of excluding some food products from the cash cover requirements for one year

Cairo on: 16 March 2020

To: The Chairman of the Board of Directors of the 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 circulars, the latest of which is the circular dated March 6, 2019, 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, 2020, and in light of the Central Bank's monitoring of the needs of the Egyptian market, it has been decided to extend the aforementioned exemption period by one additional year ending on March 15, 2021. This decision applies to all import transactions for all companies, subject to the credit study conducted by each bank.

Please be advised to take the necessary action to implement the aforementioned decision.

Accept my highest regards, Tarek Amer