Regulatory Alerts2022-10-27
Added · Updated
Circular dated October 27, 2022 regarding updating the response to banks’ inquiries regarding documentary credits
The document updates previous instructions by increasing the exemption threshold for shipments from five thousand US dollars to five hundred thousand US dollars (or equivalent in other currencies) under the regulations governing the cessation of collection document transactions in favor of documentary credits. This revised limit applies to shipments exempted from the earlier decision issued by the Central Bank on February 13, 2022.
Cairo: October 27, 2022
To: The Chairman of the Board of Directors
I would like to refer to the instructions issued by the Central Bank on February 13, 2022, regarding the cessation of dealing with collection documents in the implementation of all import operations and the exclusive use of documentary credits, as well as the subsequent instructions that included an exemption for shipments up to an amount of five thousand US dollars or its equivalent in other currencies from those instructions.
I wish to inform you that the value of shipments exempted from the aforementioned decision has been increased to 500,000 US dollars or its equivalent in other currencies, effective from its date.
Please accept my highest regards,
Hassan Abdallah