Extending the exemption period for importing meat, poultry, and sugar for an additional six months ending June 2013

Cairo: November 6, 2012

Greetings,

With reference to Circular No. 188 of the Supervision and Inspection Sector dated May 22, 2012, which stipulates: "Allowing banks to exempt operations of importing all kinds of meat and poultry, and all kinds of sugar on behalf of traders for the purpose of trading in them or government entities from the minimum cash coverage ratio of 50%, while leaving it up to the banks to determine the cash coverage ratio without a minimum limit..."

And in light of the aforementioned, and considering the proximity of the expiration of the period set at the end of December 2012, And as a continuation of the role played by the Central Bank of Egypt in supporting the national economy and providing the needs of the local market through foreign trade operations, it has been decided as follows: "Extend the exemption period for operations of importing all kinds of meat and poultry, and all kinds of sugar for an additional period of 6 months ending at the end of June 2013, while observing credit issuance controls, and the results of credit studies carried out by each bank for its clients in this regard."

Please be so kind as to take note and alert regarding full compliance with what is stated in this letter.

Accept our highest respect and appreciation, Gamal Naguib