Circular dated March 6, 2019 regarding the exception of some food products from the cash cover requirements for one year

Cairo on: March 6, 2019

Dear Sir / Chairman of the Board 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 periodic letters, and in light of the Central Bank's monitoring of the needs of the Egyptian market and its commitment to facilitating import procedures to meet citizens' needs.

In light of the above, banks are permitted to exempt both rice, fava beans, and lentils from the cash cover of 100% on import operations for commercial purposes for a period of one year ending on March 15, 2020.

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 the adoption of the necessary measures to implement the aforementioned decision.

Accept our highest respect,

Gamal Naguib