RegAlert

Rule · CBE · 13 May 2015

Extending the period for excluding import operations of some goods from the minimum cash insurance rate until the end of December 2015

payments

The Central Bank of Egypt extends the exemption period for the minimum 50% cash insurance rate on imports of specific goods, including medicines, infant milk, foodstuffs, animal feed, fertilizers, meat, and sugar, by an additional six months, extending the deadline to the end of December 2015. Banks are permitted to determine their own cash coverage ratios without a minimum floor, provided they adhere to Central Bank credit granting guidelines and conduct their own credit assessments. This directive serves as a formal notification to banks to ensure full compliance with the extended exemption terms.

EgyptCentral Bank of Egypt

Mr. Chairman of the Board of Directors
Cairo, May 13, 2015

Greetings,

With reference to our letter No. 406 dated November 10, 2014, which included the permission for banks to exempt the import operations of the following goods from the minimum cash insurance rate of 50%:

  1. Medicines, vaccines, and specialized chemical materials
  2. Infant milk
  3. Foodstuffs (wheat / oils / grains)
  4. Animal feed (corn / soy / other requirements)
  5. Fertilizers and pesticides
  6. Meats and poultry of all types
  7. Sugar of all types

This is with the freedom left for banks to determine the cash coverage ratio without a minimum floor, while ensuring adherence to the credit granting guidelines issued by the Central Bank of Egypt, and the results of the credit studies conducted by each bank for its clients in this regard, until the end of June 2015.

In light of the above, it has been decided to "extend the period of the mentioned exemption for an additional 6 months ending at the end of December 2015."

Please be informed and ensure full compliance with the provisions of this letter.

Yours faithfully,

Hesham Ramzy Abdel Hafez

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Letter No. 406 dated 2014-11-10Not in RegAlertLetter No. 406 dated 2014-11-10 — Not in RegAlertExtending the period forexcluding import operations o…2015-05-13 · this documentExtending the period for excluding import operations of some goods from the minimum cash insurance rate until the end of December 2015 (2015-05-13)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
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Amends
  • Letter No. 406 dated 2014-11-10Not in RegAlert

    “With reference to our letter No. 406 dated November 10, 2014, which included the permission for banks to exempt the import operations of the following goods from the minimum cash insurance rate of 50%:”

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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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