Extending the exemption period for importing meat, poultry, and sugar

Greetings,

Referring to the inspection and supervision sector's letter No. 14 dated December 21, 2012, which states: "Allowing banks to exempt the import operations of all kinds of meat and poultry, and all kinds of sugar for traders for the purpose of trading or for government entities from the minimum monetary coverage ratio of 50%, with banks having the freedom to determine the monetary coverage ratio without a minimum....."

In light of the foregoing and due to the approaching end of the period set at the end of June 2012, and as a continuation of the role played by the Central Bank of Egypt in supporting the national economy and meeting the local market's needs through foreign trade operations, the following has been decided:

"Extend the exemption period for import operations of all kinds of meat and poultry, and all kinds of sugar for a period of 6 additional months, ending at the end of December 2012, taking into account the credit controls and the results of the credit studies conducted by each bank for its clients in this regard."

Please be informed and advised to fully comply with what was stated in this letter.

Sincerely, Gamal Negm