Circular dated March 23, 2021 regarding extending the period of excluding some food products from the cash cover requirements for one year

Cairo on: March 23, 2021

Dear Mr. Chairman of the Board of Directors of Tawbia Bank,

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 16, 2020, regarding 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, 2021, and in light of the Central Bank's follow-up of the needs of the Egyptian market and its keenness to facilitate import procedures as mentioned above for another year ending on March 15, 2022, to meet the needs of citizens, it has been decided to extend the exemption period.

This decision applies to all import operations for all companies, while observing 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